CBI nabs fugitive in a gold import fraud after 23 years

The CBI has successfully extradited fugitive Monika Kapoor from the US in a two-decade-old import-export fraud case involving duty-free gold, worth Rs 2.36 crore, a senior officer said here on Wednesday.

A Delhi court declared Monika, who had been on the run since 2002, a proclaimed offender in 2006. A CBI team is bringing her back to India after sustained coordination with the US authorities.

According to the officials, in a conspiracy with her brothers Rajan and Rajiv Khanna, Monika forged key export documents -- including shipping bills, invoices and bank certificates of export and realisation -- to fraudulently obtain six Replenishment Licenses for the import of duty-free gold.

The forged documents allowed them to acquire gold worth Rs 2.36 crore in 1998. These licenses were later sold at a premium to Deep Exports, Ahmedabad, which used them to import duty-free gold, causing a loss of Rs 1.44 crore to the state exchequer.

“While a Delhi court convicted Rajan and Rajiv in 2017, Monika evaded trial for years. An extradition request was sent to the US in 2010, following the issuance of a red-corner notice against her,” said an official.

After her arrest in the US, a CBI team travelled to take her into custody and is now returning with her to India. She is expected to be produced before a local court and will finally face trial in the case.