Bank loan fraud case: On Wednesday ,the Enforcement Directorate (ED) seized 431 kg of gold and silver, worth over Rs 47 crore, after searching the secret lockers of a bullion company as part of a money laundering probe in an alleged bank loan fraud case.
New Delhi: On Wednesday, The Enforcement Directorate (ED) seized 431 kg of gold and silver, worth over Rs 47 crore, after searching the secret lockers of a bullion company as part of a money laundering probe in an alleged bank loan fraud case. The federal agency said in a statement that searches were conducted at four premises of Raksha Bullion and Classic Marbles in connection with the case against a company named Parekh Aluminex Ltd.
During the raid, the keys of some ‘private lockers’ were found from the premises of the bullion company. On search of the private lockers, it was found that the lockers were being operated without following proper norms. No KYC was followed and no CCTV cameras were installed in the premises. There were 761 lockers in the complex, out of which three were of defense bullion. He told that when the lockers were checked, 91.5 kg gold (bar) and 152 kg silver were found in two lockers, which were confiscated. An additional 188 kg of silver was also seized from the premises of the defense bullion, the statement said.
The ED said that the total value of the seized gold and silver is Rs 47.76 crore. The money laundering case against Parekh Aluminex Limited dates back to March 2018, where it was alleged that the company defrauded banks and took loans of Rs 2,296.58 crore. The ED claimed that this money was then taken by layering through various companies.
The agency said, “Money was sent to various accounts in respect of providing unsecured loans and investments. It was not the purpose of taking loans and there was no settlement for such transactions. The ED had earlier in this case in 2019”, Property worth more than Rs 205 crore was attached .