Mumbai court grants bail to high-end furniture businessman in Rs 30 crore customs duty evasion case
Shroff, the owner of Di Lusso Furniture LLP, was arrested on July 20 for allegedly importing high-end Italian luxury furniture by grossly undervaluing goods and evading customs duties.
While granting bail, the court observed that Shroff had no prior criminal antecedents and cooperated with the investigation. The court noted that the DRI had already seized all documentary and electronic evidence, including emails, account books, and devices, during searches at Shroff's office and residence.
The accused also deposited Rs 5 crore towards duty payment and expressed willingness to pay more, without admitting any liability, although his bank accounts are currently frozen, argued his advocate Sujay Kantawala.
The court directed Shroff to be released on a personal bond of Rs 2 lakh with sureties and imposed strict conditions prohibiting him from tampering with evidence or influencing witnesses. The court remarked that further custodial interrogation was not necessary at this stage as the investigation into past imports will take considerable time.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
TV providers are furious: this gadget gives you access to all channels
Techno Mag
Learn More
Undo
You Can Also Check:
Mumbai AQI
|
Weather in Mumbai
|
Bank Holidays in Mumbai
|
Public Holidays in Mumbai
DRI officials alleged that Shroff, along with co-accused Sambhaji Bhosale and Manoj Rai, imported premium furniture brands like Poltrona Frau, Fendi, and Minotti using shell companies and dummy Importer Exporter Codes (IECs). The syndicate allegedly fabricated invoices through front firms in Dubai and Singapore to undervalue imports, thereby suppressing customs duty liabilities. All three were released on bail.
Officials said the racket has international ramifications and more arrests are likely as several dummy companies and overseas collaborators remain under the scanner.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
14 minutes ago
- First Post
Alexander Isak returns to Newcastle a day after Liverpool's Rs 1,282 crore bid turned down
Swedish striker Alexander Isak has returned to Newcastle after a solo training stint in Spain, following a rejected £110 million bid from Liverpool. Newcastle reportedly want £150 million for Isak. Meanwhile, head coach Eddie Howe expressed his desire to retain the star forward amid transfer speculation. read more Swedish striker Alexander Isak is back in Newcastle after spending time at a personal training camp in Spain. This comes just one day after Liverpool made a huge £110 million (Rs 1,282 crore) offer for him, which Newcastle United reportedly rejected as it didn't meet their expectations. Isak flew into Newcastle on Saturday, August 2, in the afternoon. He had been training alone at the facilities of his former club, Real Sociedad, in San Sebastian. Isak chose not to join Newcastle's pre-season tour of Asia, saying he had a thigh injury. He worked with his own staff to recover in Spain before the new season. Why did Newcastle reject the offer? According to Sky Sports News, Liverpool made a formal offer on Friday worth £110 million plus add-ons. However, the total amount did not reach Newcastle's asking price of £120 million, so the Magpies turned it down. The club reportedly values Isak at £150 million (Rs 1,749 crore) and are not looking to sell him this summer. Newcastle, however, still seem to be preparing for Isak's possible exit. It is understood that they made a £70 million (over Rs 800 crore) bid to RB Leipzig for striker Benjamin Sesko, who could be his replacement if he does leave. The 25-year-old has informed Newcastle that he wants to explore his options this summer. Newcastle's head coach for Isak, which the club turned down. He also expressed his wish for Isak to continue playing at Newcastle in the upcoming season. STORY CONTINUES BELOW THIS AD 'I am very much removed from anything that's happening back home. I was made aware that there was a bid [on Friday] - that bid was turned down all before I even heard about it. There's people back in England dealing with the situation,' Howe said in a press conference in South Korea on Sunday. More from Football 'I really don't know what's going to happen next, but from our perspective we still support Alex in every way, and my wish is still that we see him in a Newcastle shirt again,' he added. Howe, however, admitted that he had no idea where Isak was until the media wrote about it. 'I know where he is now - through the media. So I think from that perspective, it is difficult to go into any type of detail,' Howe said. Isak played a key role in Newcastle's attack last season as he scored 23 goals, the second-most in the league after Mohamed Salah.
Indian Express
14 minutes ago
- Indian Express
Stock markets decline in early trade dragged down by Oil & Gas shares, foreign fund outflows
Equity benchmark indices Sensex and Nifty declined in initial trade on Tuesday, dragged down by selling in oil & gas shares and persistent foreign fund outflows. Investor sentiment was further dampened after US President Donald Trump threatened to impose higher tariffs on India over its purchases of Russian oil. The 30-share BSE Sensex declined by 315.03 points or 0.39 per cent to 80,703.69 in early trade. The 50-share NSE Nifty went lower by 41.80 points or 0.17 per cent to 24,680.95. Among the Sensex firms, BEL, HDFC Bank, Reliance Industries, ICICI Bank, Infosys, Hindustan Unilever, Adani Ports, Mahindra & Mahindra, Asian Paints, and Tata Steel were the major laggards. Maruti, State Bank of India, HCL Technologies, Axis Bank, UltraTech Cement, Tata Motors, Titan, NTPC and Bajaj Finance were among the gainers. 'The latest tweet from President Donald Trump that 'I will be substantially raising US tariffs on India' for buying Russian oil is a big threat. If he walks his talk, India-US relations will further strain, and the impact on India's exports to the US can be worse than thought earlier. 'India's GDP growth and corporate earnings in FY26 will also be impacted. The market, still trading at elevated valuations, has not discounted such an eventuality. It remains to be seen how things evolve. India's response, with facts, that 'Targeting India is unjustified and unreasonable' sends a message that India will not be making undue concessions and compromises,' VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said. This means the market is in uncharted territory in the near-term. If President Trump raises tariffs on India further, the market will react negatively. Investors may wait and watch for the developments to unfold, he added. In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index, Hong Kong's Hang Seng and Japan's Nikkei 225 index were quoted in positive territory. The US markets ended higher on Monday. Global oil benchmark Brent crude dipped 0.33 per cent to USD 68.53 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,566.51 crore while Domestic Institutional Investors (DIIs) outnumbered the FIIs by purchasing equities worth Rs 4,386.29 crore on Monday, according to exchange data. On Monday, the 30-share Sensex gained 418.81 points to settle at 81,018.72, and the NSE Nifty jumped by 157.40 points to close at 24,722.75.
Economic Times
14 minutes ago
- Economic Times
Highway Infrastructure IPO subscribed over 3x so far on Day 1; check GMP and key details
The Rs 130 crore initial public offering (IPO) of Highway Infrastructure Ltd (HIL) opened for subscription today and received a strong response right from the start. Within just the first 40 minutes of bidding, the issue was fully subscribed, with overall subscription reaching 3.70 times by 10:46 AM, according to data from the stock exchanges. ADVERTISEMENT Adding to investor enthusiasm, the IPO is also witnessing strong interest in the grey market, where shares are trading at a premium of around 50% over the issue price of Rs 70. This indicates bullish sentiment and suggests the stock could see solid listing gains. Retail Individual Investors (RIIs) showed strong interest, subscribing to 5.06 times the allocated quota of 78.57 lakh shares. This reflects healthy participation from small investors, who are often seen as key sentiment drivers for IPOs. Non-Institutional Investors (NIIs), including high-net-worth individuals (HNIs), also responded positively, subscribing to 3.3 times their allotted 58.92 lakh there were no bids from Qualified Institutional Buyers (QIBs) at that time. QIB participation typically picks up later in the bidding window, especially closer to the IPO's closing day. The Rs 130 crore IPO of Highway Infrastructure Ltd (HIL), a company with nearly three decades of experience in toll collection and EPC infrastructure execution, opened for subscription on Tuesday. The issue, which closes on August 7, is priced in the range of Rs 65–70 per share. The stock is scheduled to list on the NSE SME platform on August 12. ADVERTISEMENT The IPO comprises a fresh issue of Rs 97.5 crore and an offer for sale of Rs 32.5 crore, aggregating to 1.86 crore shares. Bids can be placed in lots of 211 shares, translating into a minimum retail investment of Rs 14,770 at the upper price band. HIL operates primarily in tollway collection and EPC infrastructure projects, with a smaller presence in real estate development. As of May 2025, its consolidated order book stood at Rs 666.3 crore, with over 90% of it coming from its core toll and EPC segments. ADVERTISEMENT The company has completed 27 tollway projects and is currently operating four, including ANPR-enabled tolling on the Delhi-Meerut has executed 66 EPC projects to date, with 24 more underway. While the company's stronghold is in Madhya Pradesh, its operations span 11 states and one Union Territory. ADVERTISEMENT HIL reported a net profit of Rs 22.4 crore in FY25, up 4.6% year-on-year, on revenue of Rs 495.7 crore. The EBITDA margin stood at 6.3%, with a PAT margin of 4.5%. The post-issue P/E comes to 22.5x, translating into a market cap of Rs 502 IPO proceeds will be used to meet working capital requirements and for general corporate purposes. Pantomath Capital is the sole book-running lead manager, while Bigshare Services is the registrar. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
