Smuggled Bearings Seized in India
Resource from: ebearing Likes:2936
Feb 17,2005
Five shipping containers filled with bearings were recently seized at the main port of Mumbai by officers led by investigators from India's Directorate of Revenue Intelligence (DRI). The DRI was acting on a tip that bearings were being smuggled through the port to paying import duties.
Seven containers, originating in Singapore, were declared on their bills of lading as borax, worth less than Rs 700,000 (USD $16,000).
Instead, five of the containers actually held ball and roller bearings, concealed behind false fronts of borax.
The true value of the shipment was closer to Rs 35 million ($800,000), according to the DRI's preliminary estimate. However, it is unclear if the bearings -- packaged as SKF and other brands -- might actually be counterfeit.
Seizing such a large shipment of smuggled, likely counterfeit, bearings is a major win for the DRI and law enforcement authorities in India as they continue to battle counterfeit and smuggled products in retail and industrial distribution markets nationwide.
If the bearings are not counterfeit, the seizure is still important in closing down at least one smuggling operation and recovering revenue; customs duties on those bearings could run as high as 40%.
The owner of the import and shipping agency responsible for importing the bearings has been arrested. The two companies listed on the bills of lading as importers are also under investigation.
That same customs agency has claimed at least 25 other borax shipments in the past, according to the DRI. They are now investigating each of those shipments for possible irregularities.
The DRI said it also believes this particular smuggling operation may be the work of a criminal syndicate. In September 2004, the DRI seized bearings worth Rs 46.2 million ($1 million) being smuggled similarly through the docks at Nhava Sheva.
(ebearing)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
