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Enforcement Directorate seizes 146kg of gold jewellery Hyderabad jewellers

Published
today Apr 19, 2019
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The Enforcement Directorate seized around 146 kilograms of gold jewellery valued at over Rs 82 crore ($12.3 million) from jewellery showrooms in Hyderabad in connection to a de-monetisation based fraud.

The ED carried out large scale gold jewellery raids in Hyderabad


The ED carried our several days of raids in Hyderabad and Vijaywada at Musaddilal Jewellers’ showrooms as well as at Balaji Gold, Ashta Laxmi Gold, and various promoters and accountants of these businesses. The raids followed the money laundering criminal case filed by the ED based on a first information report from the Telangana Police and a complaint of the Income Tax Department. 

The Income Tax Department stated that the jewellery businesses were knowingly misusing the demonetisation scheme by illegally depositing large amounts of unaccounted for demonetised cash into their bank accounts.

"For this purpose, they fraudulently created around 5,200 back-dated fabricated advance sale receipts dated November 8, 2016 for an amount less than Rs 2 lakh to avoid furnishing PAN [permanent account number] details," stated the ED as reported by the Press Trust of India. 

Demonetisation occurred on November 8 2016 when Prime Minister Narendra Modi took all Rs 500 and Rs 1,000 notes out of circulation to combat the large amount of fake money in the system. The move affected retailers across India, especially in the fashion and jewellery sectors.

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