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ED seizes gold jewellery worth over ` 82 cr from Musaddilal
The officials of Enforcement Directorate (ED) seized 146 kg gold jewellery worth over Rs 82 crore after conducting searches at different premises of the Hyderabad-based jeweller Musaddilal and his associates for their alleged involvement in money laundering case.
Hyderabad: The officials of Enforcement Directorate (ED) seized 146 kg gold jewellery worth over Rs 82 crore after conducting searches at different premises of the Hyderabad-based jeweller Musaddilal and his associates for their alleged involvement in money laundering case.
The ED officials conducted raids at multiple locations of registered office cum residence of Kailash Gupta, jewellery showrooms of Musaddilal Jewellers Pvt Ltd (MJPL) in Hyderabad and Vijayawada, residence of Pavan Agarwal (partner Shri Balaji Gold), business premises of Pavan Agarwal, residence of Neel Sunder Tharad (proprietor of Ashta Lakshmi Gold) and office of chartered accountant Sanjay Sarda.
The ED initiated investigation under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) on the basis of FIR registered by Telangana Police on the basis of a complaint filed by the Income Tax department against Kailash Gupta, his sons and their companies Musaddilal Gems & Jewellery, Musaddilal Jewellers Pvt Ltd and Vaishnavi Bullion Ltd for conspiring with certain bullion dealers, chartered accountants and close relatives and blatantly misusing the scheme of demonetisation by illegally depositing huge amounts of unaccounted demonetised cash in their accounts.
Officials said for this purpose they fraudulently created around 5,200 back-dated fabricated advance sale receipts dated November 8, 2016, each for an amount less than Rs 2 lakh to avoid furnishing PAN details.
During the course of investigation, it was revealed that immediately after announcement of demonetisation scheme the accused had illegally deposited Rs 110.85 crore in their bank accounts falsely claiming that within a few hours they had received advances of less than Rs 2 lakh each from more than 5,200 customers, on the night of November 8, 2016, for purchase of gold and jewellery from their firms.
All these invoices were found to be bogus. Further, analysis of CCTV footages of their offices and that of the neighbourhood revealed that no such activity of purchase of gold was carried out during that period. It is further revealed that those more than 5,200 invoices dated November 8, 2016 were fraudulently raised on a later date.
Investigation under PMLA revealed that illegally deposited unaccounted cash to the tune of Rs 110.85 crore in the bank accounts of the accused and their companies and subsequently Rs 80 crore (approx) was transferred to the bank accounts of various Gold Bullion dealers like M/s Ashta Lakshmi Gold, M/s Shri Balaji Gold etcetera in the guise of purchase of gold.
The accused have admitted that they had created fake sale invoices and failed to give any satisfactory account of the source of this illegal cash.
