New Delhi: The newsprint scam unraveled by the Directorate of Revenue Intelligence is turning out to be really big.
A week of detailed investigation has now shown that several large and small newspaper publishers involved in a racket of illegally importing newsprint worth hundreds of crores.
They could sell that in the black market with a huge premium.
Two containers from the Middle East, parked outside the office of the Directorate of Revenue Intelligence in New Delhi. And even if they didn't contain explosives, this really exploded on the newspaper industry.
Newsprint was being illegally imported for nearly two years and sold in the local market by newspaper publishers.
The DRI has arrested five of the biggest paper traders at this place and now 51 publishers all over India are under the scanner in the scam, which was nearly worth Rs 50 crore.
Initial investigation shows that the DRI has now confiscated 70 containers of paper, and locked 15 godowns where imported newsprint were dumped.
Chawri Bazaar in New Delhi is one of the biggest wholesale markets for paper trade in India. Here different varieties of paper worth nearly Rs 10 crores are bought and sold everyday and this is precisely where this entire scam is linked.
Many publishers paid the five per cent discounted Customs duty; a benefit extended to the media alone and sold that newsprint to traders in this market.
Under the garb of importing newsprint, other lucrative paper products were brought in, which fetched them handsome profits in the Indian market.
Due to a customs duty of only 5 per cent was paid, which only newsprint is entitled to.
However, one MP from West Bengal and another former Congress MP from Punjab are under the scanner. If the DRI seriously carries this investigation to its logical end, big publishers will find it difficult to explain many of their transactions.
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