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ED searches Attica Gold premises in 4 cities, key promoters remain absconding
ED seized Rs 7.52 lakh in cash, besides foreign currency, gold jewellery and silver articles
Enforcement Directorate's two-day searches that began on Wednesday were conducted as part of an investigation into allegations that the company and associated persons were habitually involved in purchasing and acquiring stolen gold articles.
The Directorate of Enforcement (ED) has conducted searches at 16 premises linked to Attica Gold Private Limited across Bengaluru, Chennai, Hyderabad and Visakhapatnam and seized Rs 7.52 lakh in cash, foreign currency, gold jewellery and silver articles.
The two-day searches that began on Wednesday were conducted as part of an investigation into allegations that the company and associated persons were habitually involved in purchasing and acquiring stolen gold articles.
According to the agency’s Bengaluru zonal office, the individuals did not cooperate with the investigation and remained absconding during the searches.
The agency also alleged that employees at some of the business premises searched had been instructed by the key persons to remain unavailable during the operation.
The investigation was initiated based on multiple First Information Reports (FIRs) registered and charge sheets filed by police at various stations concerning allegations of dealing in stolen gold.
The agency said information from the police cases was further corroborated by “verifiable information” gathered during its investigation, which allegedly indicated money laundering and the generation of proceeds of crime.
Promoters, associates under scrutiny
The searches covered the residential premises of current and former directors and shareholders, besides the company’s head office and branch outlets.
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The ED said key persons under investigation include P S Ayub alias Bomanahalli Babu, Obedulla A, Mohammed Salman A and Arbin Taj A, along with their family members and associates.
The agency said further investigation into the financial transactions and network associated with the case is underway.
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