The Enforcement Directorate today seized 431 kgs of gold and silver worth more than ₹ 47 crore after it searched secret lockers of a bullion company as part of a money laundering probe linked to an alleged bank loan fraud case.
The premises of Raksha Bullion and Classic Marbles were raided in connection with the case against a company called Parekh Aluminex Ltd., the federal agency said in a statement.
During the raids, keys of some secret private lockers were found at the premise of the bullion company, it said.
“Upon searching the private lockers, it was found that the locker operation was being done without following proper norms. No KYC was followed and there was no CCTV camera installed at the premise and there was no in and out register,” it said.
The premise had 761 lockers of which three belonged to Raksha Bullion, it said.
“Upon operating the lockers, 91.5 kgs of gold (bars) and 152 kg of silver was found in two lockers which was seized.”
“An additional 188 kgs of silver was also seized from the premises of Raksha Bullion,” it said.
The total value of the seized gold and silver is ₹ 47.76 crore, the Enforcement Directorate said.
The money laundering case against Parekh Aluminex Ltd. dates back to March, 2018 where it was alleged that the company “cheated banks and took loans to the tune of ₹ 2,296.58 crore.”
This money, the Enforcement Directorate claimed, was thereafter “siphoned off by layering through various companies.”
“The money was routed to various accounts in context of providing unsecured loans and investments. The same was not the purpose of taking the loans and there were no agreements in place for such transactions,” the agency said.
It had earlier attached assets worth more than ₹ 205 crore in this case in 2019.
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