ED arrests one in gold diversion case in Hyderabad
The case was initiated on the basis of investigations conducted by the Directorate of Intelligence (DRI), Kolkata relating to the diversion of gold jewellery in the domestic area, which was meant for export.
Hyderabad: Following searches conducted at five different locations in Hyderabad, the Enforcement Directorate (ED) has arrested Preet Kumar Agarwal under the provisions of the Prevention of Money Laundering Act (PMLA)-2002.
The case was initiated on the basis of investigations conducted by the Directorate of Intelligence (DRI), Kolkata relating to the diversion of gold jewellery in the domestic area, which was meant for export. The gold was procured duty-free by the said accused persons from the nominated agencies like MMTC/State Trading Corporation of India Limited, Diamond India Limited and was being sold illegally to various persons in the domestic territory to evade duty of customs as well as to generate and launder huge proceeds of crime.
The investigations conducted by DRI revealed that gold weighing approximately 250 kgs had been diverted/smuggled by the accused in the domestic area. The DRI had filed a criminal complaint under Sections 132 and 135 of the Customs Act, 1962, according to a press release issued by ED.
During the searches conducted by ED, several incriminating documents, valuables and records were seized indicating large scale hawala transactions being carried out by the accused persons. It has also been found that the accused have acquired assets in the name of other persons.
