Kolkata, Jan 31 (IANS) The Enforcement Directorate (ED) on Thursday raided various locations and office premises of Shree Ganesh Jewellery House here in connection with a Rs 2,672 crore money laundering case, an official said.
“Our officials have started search operations at 11 locations including Shree Ganesh’s office premises and residences of its senior officials in the city,” an ED official said.
The agency has been investigating the case under the Foreign Exchange Management Act, 1999 and under the Prevention of Money Laundering Act, 2002.
Based on a complaint of defrauding a consortium of banks led by the State Bank of India (SBI) for non-payment of loan to the tune of Rs 2,672 crore, the Central Bureau of Investigation (CBI) had earlier commenced an investigation against the company.
Subsequently, the Directorate of Revenue Intelligence (DRI) had, in June 2018, arrested Nilesh Parekh, the promoter of the company in the alleged diversion of primary gold of over 1,700 kg.
According to DRI officials, the firm having several units in Manikanchan Special Economic Zone (MKSEZ), Kolkata, was allegedly involved in diversion of gold imported duty free on the strength of being a nominated agency and also in its capacity as an SEZ unit.
“Currently, Parekh is on an interim bail and there was restriction on his movement outside of the city. We are in process of finalising a charge sheet against him, which will be filed soon,” a DRI official told IANS.
During investigations, the agency found the accused to “be actively involved in the fraud of diversion of primary gold of over 1,700 kg among other violations like non-realization of remittance on account of export of gems and Jewelleries to the tune of Rs 7,500 crore” to the several dummy and shell companies at Singapore, Hong Kong and Dubai.