Directorate of Revenue Intelligence (DRI) today said it has arrested Shree Ganesh Jewellery House Ltd promoter Nilesh Parekh for fraud in diversion of over 1,700 kg of primary gold.
"We have arrested Kolkata-based Shree Ganesh Jewellery House's promoter and was produced before court today. He has been remanded to judicial custody and will be produced again on June 22," a DRI spokesperson said.
The DRI also listed other violations like non-realisation of remittance on account of export of gems and jewelleries to the tune of Rs 7,500 crore, and defrauding of a consortium of banks led by SBI, by way of non-payment of loans to the tune of Rs 2,672 crore.
Parekh was last year arrested by the Central Bureau of Investigation in connection with defrauding a consortium of banks.
The ED is also investigating the gold diversion case under the Foreign Exchange Management Act, 1999 and Prevention of Money Laundering Act 2002.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app