The Directorate of Revenue Intelligence (DRI) in Mumbai has unearthed a ‘banking-hawala’ scam, in which reputed public sector banks illegally remitted Rs. 2,240 crore overseas based on forged documentation and declarations of traded goods by exporters and importers.The DRI is said to have finished its probe and is in the process of submitting a report to the Central Bureau of Investigation and Enforcement Directorate.
What is Banking- Hawala?
Banking- Hawala refers to illegal transfer of funds to foreign countries.
What is Directorate of Revenue Intelligence?
The Directorate of Revenue Intelligence (DRI) is an Indian intelligence agency.
The Directorate is run by officers from Central Excise and Customs. The organisation runs on much smaller staff. Though its early days were committed to combating smuggling in of gold, it now also addresses narcotics and economic crimes