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Over 145 kg gold jewellery worth Rs 82.11 Cr seized by ED in a demonetisation case

April 19, 2019 | UNI/SRINAGAR

Enforcement Directorate (ED) has seizes 145.89 kg of gold jewellery worth Rs 82.11 crore as a result of searches conducted at multiple locations by the probe agency under Prevention of Money Laundering Act (PMLA), an official release said here on Thursday.
The central financial probe agency raided the premises of Kailash Gupta, showroom of Musaddilal Jewellers Pvt Ltd (MJPL) at Hyderabad, MJPL at Vijaywada, Pavan Agarwal’s residence of Shri Balaji Gold, residence of Chartered Accountant Sanjay Sarda and other under PMLA in ongoing investigation in a demonetization case.
The probe agency initiated investigation under PMLA on the basis of FIR registered by Telangana Police following the the complaint filed by 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 by blatantly misusing the scheme of demonetisation by illegally depositing huge amounts of unaccounted demonetized cash in their accounts.
For this purpose they fraudulently created around 5200 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 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 5200 customers, on the night of November 8, 2018 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 5200 invoices dated November 8, 2016 were fraudulently raised on a later date”, the probe agency said.
Investigation also 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 around Rs 80 crore was transferred to the bank accounts of various Gold Bullion dealers like Ashta Lakshmi Gold, Shri Balaji Gold in the guise of purchase of gold. The accused have admitted that they had created fake sale invoices on the day when the demonetisation was announced, the ED further said.
The probing agency said in statement that the accused failed to give any satisfactory account of the source of this illegal cash and also failed to provide the details of the accounts regarding the utilization of around 270 KGs of Gold so purchased out of this money.
For tracing the ‘Proceeds of Crime’, simultaneous searches were conducted in the premises of the accused persons which resulted in the seizure of 145.89 KG of gold jewellery worth Rs 82.11 crore, ED said here on Thursday.

Over 145 kg gold jewellery worth Rs 82.11 Cr seized by ED in a demonetisation case

April 19, 2019 | UNI/SRINAGAR

Enforcement Directorate (ED) has seizes 145.89 kg of gold jewellery worth Rs 82.11 crore as a result of searches conducted at multiple locations by the probe agency under Prevention of Money Laundering Act (PMLA), an official release said here on Thursday.
The central financial probe agency raided the premises of Kailash Gupta, showroom of Musaddilal Jewellers Pvt Ltd (MJPL) at Hyderabad, MJPL at Vijaywada, Pavan Agarwal’s residence of Shri Balaji Gold, residence of Chartered Accountant Sanjay Sarda and other under PMLA in ongoing investigation in a demonetization case.
The probe agency initiated investigation under PMLA on the basis of FIR registered by Telangana Police following the the complaint filed by 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 by blatantly misusing the scheme of demonetisation by illegally depositing huge amounts of unaccounted demonetized cash in their accounts.
For this purpose they fraudulently created around 5200 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 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 5200 customers, on the night of November 8, 2018 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 5200 invoices dated November 8, 2016 were fraudulently raised on a later date”, the probe agency said.
Investigation also 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 around Rs 80 crore was transferred to the bank accounts of various Gold Bullion dealers like Ashta Lakshmi Gold, Shri Balaji Gold in the guise of purchase of gold. The accused have admitted that they had created fake sale invoices on the day when the demonetisation was announced, the ED further said.
The probing agency said in statement that the accused failed to give any satisfactory account of the source of this illegal cash and also failed to provide the details of the accounts regarding the utilization of around 270 KGs of Gold so purchased out of this money.
For tracing the ‘Proceeds of Crime’, simultaneous searches were conducted in the premises of the accused persons which resulted in the seizure of 145.89 KG of gold jewellery worth Rs 82.11 crore, ED said here on Thursday.


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