The Enforcement Directorate (ED) has seized 91.5 kg gold and 340 kg silver, collectively worth ₹47.76 crore, after carrying out searches at four premises belonging to M/s Raksha Bullion and M/s Classic Marbles.
The agency is probing the money-laundering charges against M/s Parekh Aluminex Limited, a Mumbai-based company engaged in manufacturing aluminium foil containers and storage aluminium containers.
“The company took bank loans to the tune of ₹2,296.58 crore which was later siphoned off by layering through various companies. The money was routed to various accounts in the context of providing unsecured loans and investments. But it was not the purpose of the loans and there were no agreements for such transactions,” the ED said in a statement on Wednesday.
The ED’s case, which was registered on March 8, 2018 under the Prevention of Money Laundering Act, was based on the FIRs filed by the Central Bureau of Investigation and the Economic Offences Wing of Mumbai police against M/s Parekh Aluminex for alleged banking frauds.
During the course of raid, keys to private lockers were found on the premises of M/s Raksha Bullion. “On searching the lockers, it was found that the locker operation was being done without following the norms. No KYC was followed and there was no CCTV camera installed on the premises,” the statement said.
{{/usCountry}}During the course of raid, keys to private lockers were found on the premises of M/s Raksha Bullion. “On searching the lockers, it was found that the locker operation was being done without following the norms. No KYC was followed and there was no CCTV camera installed on the premises,” the statement said.
{{/usCountry}}“There was no ‘in and out’ register as well. There were 761 lockers of which three belonged to M/s Raksha Bullion. On opening the lockers, 91.5 kg gold and 152 kg silver were found. An additional 188 kg silver was also seized from the premises of M/s Raksha Bullion. The total value of the seized items is valued at ₹47.76 crore,” the statement added.
The agency had provisionally attached ₹46.97 crore on June 25, 2019 and ₹158.26 crore on September 11 that year in the case.
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