Rs 2.6 cr, 95 kg bullion seized from Noida firm
New Delhi, Dec 25, 2016, DHNS:
A firm operating from Noida is in the dock for diverting duty-free gold worth Rs 140 crore for money-laundering. The Directorate of Revenue Intelligence said it had arrested four company officials late on Saturday.
The sleuths have seized Rs 2.60 crore in cash and 95 kg in bullion. The gold had been imported under a special concession scheme, they said.
Revenue intelligence officials from Lucknow carried out searches for two days at Shri Lal Mahal Ltd, located in a special economic zone, and the houses of its officials. The action was part of an anti-black money drive in the wake of demonetisation, the agency said.
“It is found that the unit has illegally diverted and sold 430 kg (valued at about Rs 140 crore) of duty free gold in the market,” a release said.
The DRI said the firm had also transferred a huge amount of money through RTGS, through a firm operating from their premises, to buy 24-kg gold in coins or bars after November 8.
The idea was to sell the gold for a profit against demonetised currency.Earlier, the agency had said directors of the firm were avoiding investigation by claiming to be in hospital.
The sleuths have seized Rs 2.60 crore in cash and 95 kg in bullion. The gold had been imported under a special concession scheme, they said.
Revenue intelligence officials from Lucknow carried out searches for two days at Shri Lal Mahal Ltd, located in a special economic zone, and the houses of its officials. The action was part of an anti-black money drive in the wake of demonetisation, the agency said.
“It is found that the unit has illegally diverted and sold 430 kg (valued at about Rs 140 crore) of duty free gold in the market,” a release said.
The DRI said the firm had also transferred a huge amount of money through RTGS, through a firm operating from their premises, to buy 24-kg gold in coins or bars after November 8.
The idea was to sell the gold for a profit against demonetised currency.Earlier, the agency had said directors of the firm were avoiding investigation by claiming to be in hospital.
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