CEO of Hong Kong firm alleges ₹15-crore cargo fraud

A large cargo fraud, involving astir ₹15 crore, came to airy astatine a Container Freight Station (CFS) successful Vallur adjacent Kattupalli Port, aft B. Subramanyan, 62, Chief Executive Officer (CEO) of Hong Kong-based Cosmoss Vu Limited, an export-import firm, lodged a ailment with the Avadi City Police.

According to the complaint, the institution had shipped 90 containers of PVC resin, done 3 carriers, from Tianjin Xingang and Qingdao ports successful China to Kattupalli Port successful Chennai. The consignments, imported by Rishabh Triexim LLP and Kanchan Polymers, were moved to the CFS operated by SICAL Multimodal and Rail Transport Limited.

As per commercialized practice, the carriers issued bills of lading successful favour of the shipper. They service arsenic documents of rubric for the goods, and are required to beryllium produced by the importer to unafraid their release.

The complainant said that the importers had not made the outgo for the shipments. Consequently, the archetypal bills of lading remained successful his lawful possession, preventing ineligible transportation of the goods to the importers.

However, Mr. Subramanyan alleged, the SICAL CFSunlawfully released the consignments to the importers without the archetypal bills of lading oregon valid Delivery Orders.

Larger conspiracy

The CEO alleged that his consequent inquiries revealed a larger conspiracy involving 21 individuals, including representatives of the import firms, shipping companies, and officials of the CFS. He said they acted with a communal volition — dishonestly releasing and diverting the consignments, thereby causing a wrongful nonaccomplishment to his institution and summation to themselves.

“The accused hatched a transgression conspiracy, and looted goods valued astatine astir ₹15 crore. The unlawful proceeds were shared among them,” the complainant said.

Based connected the complaint, the Avadi City Police registered a lawsuit for cheating and transgression breach of trust. The lawsuit has been taken up for further investigation.