V K SINGH Vs. SPECIAL DIRECTOR OF ENFORCEMENT

JUDGEMENT

(1.) THE petitioner-Mr. V. K. Singh impugns order dated 22nd October, 2008 passed by Appellate Tribunal for Foreign Exchange disposing of his application for waiver of pre-deposit of penalty of Rs. 50 lacs with the direction that the petitioner should deposit 50% of the penalty amount, failing which his appeal will be dismissed.

(2.) THE petitioner herein is a Customs House Agent and proceedings were initiated against M/s Sai International under Foreign Exchange regulation Act, 1973 (hereinafter referred to as the Act, for short) for contravention of Section 18 (2) read with other provisions including the exchange Control Manual. The allegations are that M/s Sai International had purportedly effected exports of assignments to the extent of rs. 2,51,80,620/- as per shipments under GR forms and export proceeds thereof were not repatriated. It is alleged that the exports in fact were fictitious and sham. The Adjudicating Officer while imposing penalty of rs. 50 lacs on the petitioner has recorded the following findings:-

(3.) LEARNED counsel for the petitioner submits that the findings recorded in paragraph 38 are entirely false and incorrect as the petitioner had not received Rs. 14 lacs. She states that in spite of repeated requests, the adjudicating Officer did not summon the bank records and the alleged cheques and permit the petitioner to cross-examine the bank officers. She further states that as per the books of accounts of the petitioner, no payment of the said nature in cash was received.