About 146 kg of gold jewellery worth over Rs 82 crore has been seized by the ED after searches at the premises of a Hyderabad-based jeweller and his associates in connection with a post demonetisation money laundering case, the agency said Thursday.
It said the raids were conducted at the showrooms of Musaddilal Jewellers at Hyderabad and Vijaywada, its promoter Kailash Gupta, a company named Balaji Gold and its partner Pavan Agarwal, another company Ashta Laxmi Gold, its proprietor Neel Sunder Tharad and chartered accountant Sanjay Sarda over the last few days.
A total of 145.89 kg gold worth Rs 82.11 crore has been seized, it said.
The Enforcement Directorate (ED) had filed a criminal case of money laundering against these people based on an FIR of the Telangana Police and a complaint of the Income Tax Department for "blatantly misusing the scheme of demonetisation by illegally depositing huge amounts of unaccounted demonetised cash in their accounts."
Disclaimer: No Business Standard Journalist was involved in creation of this content