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Home Probe Agency Attaches Assets Worth Rs 130.57 Crore In Demonetization Scam Case

Probe Agency Attaches Assets Worth Rs 130.57 Crore In Demonetization Scam Case

ED mentioned the additional investigation is below course of. (File)


Directorate of Enforcement on Monday hooked up the movable and immovable property value Rs 130.57 Crore of Musaddilal Gems and Jewels Non-public Restricted amongst others in a demonetization rip-off case.

In an official assertion, ED knowledgeable that the company had provisionally hooked up property value Rs 130.57 Crore together with 41 immovable properties registered within the identify of the assorted jewellers and others concerned within the case and movable properties within the type of inventory in commerce (Rs 18.69 Crore) and investments made within the inventory market within the type of shares (0.63 Cr) in demonetization rip-off case.

“The attachment additionally contains gold jewelry/bullion/ornaments seized in the course of the earlier searches that are valued at Rs 83.30 Crore,” it mentioned,

ED initiated an investigation towards Musaddilal Gems and Jewels Pvt Ltd and others primarily based on the FIR registered by Telangana State Police, Hyderabad.

“In the course of the investigation, it was revealed that Musaddilal Gems and Jewels Pvt Ltd, Vaishnavi Bullion Non-public Restricted and Musaddilal Jewellers Pvt Ltd had deposited demonetized notes of Rs 500 and Rs 1000 to the tune of Rs 111 Crore of their financial institution accounts instantly put up November 8, 2016. That they had raised faux money receipts and sale invoices exhibiting that round 6000 fictitious prospects visited their showrooms to buy gold jewelry between 8 pm to midnight, on November 8, 2016, instantly after the announcement of demonetization,” the assertion mentioned.

ED’s investigation below Prevention of Cash Laundering Act, 2002 (PMLA) revealed that the cited firms of 1 Kailash Chand Gupta and his sons in connivance along with his chartered accountant Sanjay Sarda created fabricated invoices to justify the fictional sources of revenue to additional justify the big quantities of money deposits.

“Sanjay Sarda suggested them to boost fabricated invoices beneath Rs 2 lakh in order that there can be no requirement of recording the KYC proof or PAN of the shoppers. CA additionally contributed demonetised money for conversion and in addition obtained a hefty fee for rendering this recommendation,” ED mentioned.

The assertion mentioned that instantly after depositing round Rs 111 Crore money into their financial institution accounts, the accused transferred a serious portion of those deposits to gold bullion sellers to purchase bullion, which was delivered to varied jewellers/people/entities concerned.

“Thus, demonetized notes had been efficiently positioned and layered and at last built-in into the monetary system. Additional investigation revealed that the quantity to the tune of Rs 111 Crore was pooled from numerous jewellers/people/entities. Majority of the jewellers admitted that they’d contributed the money. They once more claimed that the demonetized notes had been sourced from unknown prospects. However they may neither present the record of the shoppers nor clarify the explanation for depositing it within the accounts of Mussadilal jewellers as a substitute of their very own,” ED added.

It additionally mentioned that in investigation it was discovered that by promoting the transformed gold at an exorbitant revenue, the household of Kailash Gupta derived additional earnings to the tune of round Rs 28 Crore.

“The full proceeds of crime, on this case, is thus labored out at Rs 139 Crore. Earlier two searches had been carried out by ED and Jewelry value an quantity of Rs 83.3 Crore was seized,” mentioned ED.

Notably, a prosecution criticism can be filed earlier than the PMLA Courtroom by ED and a supplementary prosecution criticism has additionally been filed on September 25, 2020. The courtroom has taken cognizance of the ED’s cost sheet. With this provisional attachment order, the overall attachment of the proceeds of crime has reached Rs 130.57 Crore.

ED mentioned the additional investigation is below course of.

(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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