The DRI has seized Rs 2.60 crore cash, including Rs 12 lakh in new notes, and 95 kg of gold and silver in connection with its probe into alleged diversion of duty free gold worth about Rs 140 crore, imported under a special concession scheme, by a firm operating from a Noida-based SEZ. Sleuths of the Directorate of Revenue Intelligence’s zonal unit in Lucknow carried out the searches for two days on the premises of M/s Shri Lal Mahal Limited and the residences of company officials as part of its anti-black money operations after demonetisation, the agency said in a statement.
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“It is found that the unit has illegally diverted and sold 430kg (valued at about Rs 140 crore) of duty free gold in the market. “Cash amounting to Rs 2.60 crore (Rs 2.48 crore in old currency notes and Rs 12 lakh in new notes) has been seized. Unaccounted 80kg of silver found in the factory has also been recovered. Further, 15 kg of gold jewellery has been seized from the premises of the firm,” the statement added.
The DRI alleged that the firm had also “transferred huge amount of money through RTGS (funds transfer through banking channels) to one firm operating from their premises to purchase gold coins or bars of 24kg after November 8 (the day Rs 1000/Rs 500 were demonetised) from MMTC, India’s largest public sector trading body, also to sell their as well as this gold in the market in lieu of old demonetised currency”. The agency said, “While directors of the firm are either admitted in hospital or avoiding investigations, two persons have been detained for questioning.”