CBI investigates ₹6 crore cotton yarn export scam

The Central Bureau of Investigation (CBI) is now leading a probe into a cheating case worth 6 crore related to the export of cotton yarn to Pakistan. This case dates back to 2015 and was originally handled by the police in Tamil Nadu. The investigation was transferred to the CBI because it involves companies from Bangkok and New Zealand. In 2015, the National Textile Corporation (NTC) sent 10 containers of cotton yarn to two companies in Karachi, Pakistan. These companies are Madina Impex International and Transtrade Global. The order was managed by Anametrics Intertrade Ltd from Thailand, and a New Zealand company, Suisse Credit Capital, issued a letter of credit for the shipment. Despite the high value of the shipment, NTC never received any payment. The New Zealand firm allegedly endorsed the shipments to the Pakistani companies without NTC's permission. Later, NTC received a letter from Suisse Credit Capital saying that a transaction cancellation notice had been sent, which NTC management denied. An internal probe found inconsistencies, prompting NTC to seek legal action against those involved. Police in Coimbatore registered the case in 2015. However, they could not proceed because the case involved foreign companies. As a result, they asked the CBI for assistance. With permission from the state government, the CBI has now registered a new case and is continuing the investigation.