Remarkable Performance by DRI - GFI
GLOBAL Financial Integrity (GFI) in its latest quarterly newsletter GFI Engages has reported:-
In late April, the Indian Directorate of Revenue Intelligence released a summary of its first two years of increased law enforcement activity targeted at cases of commercial fraud, including illicit financial flows through trade misinvoicing. Their early results have been remarkable: between March 2012 and March 2014, they detected $1.3 billion worth of commercial fraud, and collected $396 million in new revenue.
India is just beginning its effort to crack down on trade-related illicit financial flows, and should serve as an example of the potential that curtailing trade misinvoicing has for development. India began working in earnest to reduce illicit financial flows after a report by Global Financial Integrity showed the economy had lost $462 billion since 1948 due to illicit outflows.
DRI does not appear to have released any such summary. What the GFI report refers to is a story in the Economic Times dated 30.04.2014.