Mumbai: ED probes 4 bullion traders for Rs 69 cr cash deposits
The ED has conducted searches against four bullion traders here and has detected Rs 69 crore worth transactions in cash done by them allegedly using fake companies.Updated: Dec 17, 2016 21:15 IST
The ED has conducted searches against four bullion traders here and has detected Rs 69 crore worth transactions in cash done by them allegedly using fake companies.
The agency conducted searches on the premises of these traders yesterday as part of its probe under the Foreign Exchange Management Act (FEMA) to check hawala dealings and money laundering instances post demonetisation.
The agency, officials said, is scanning the bank account details of these traders and will soon issue summons to them.
They said Rs 69 crore worth funds were allegedly deposited in cash by these traders in a few days time, post the currency scrap, using shell (fake) companies.
At least half-a-dozen bank accounts and few lockers are being probed, they said.
The agency has also sought freezing of few bank accounts of these traders as part of its probe, they added.