FERA (Foreign Exchange Regulation Act) accused Ravindra Rastogi, who was deported from Dubai recently, has been denied bail by a Delhi court saying there was a possibility of him absconding if released on bail.
The Enforcement Directorate had charged Rastogi and his firm -- Shanti Properties -- of exporting goods worth $54,13,870 (Rs 13,67,74,168) without realising their price in India, said ED counsel Naveen Kumar Matta.
The court also denied bail to Rastogi in another case where he has been charged with shipping goods worth $15,30,750 out of India through a firm -- N D International -- again, without realising its price in India.
However, Rastogi denied the charges and said he was not in any way connected with N D International.
Rastogi was deported to India in February last in connection with a CBI (Central Bureau of Investigation) case of fraudulent withdrawal of duty drawback to the tune of several crores of rupees for export of bicycle parts to different countries.
He was arrested in Dubai on the basis of a Red Corner notice issued by Interpol.
The fraud and role of Ravidra Rastogi and three of his brothers -- Narendra Rastogi, Virendra Rastogi and Subhash Rastogi -- came to light when three of their consignments were intercepted and checked at the Chennai port by Directorate of Revenue Intelligence.
© 2026