The Enforcement Directorate (ED) on Wednesday seized 431 kilograms of gold and silver worth over Rs 47 crores following searches of secret lockers of a bullion company in connection with a money laundering investigation linked to an alleged bank loan fraud case.
The federal agency informed via a statement that the premises of Raksha Bullion and Classic Marbles were raided in relation with the case against a company called Parekh Aluminex Ltd.
The statement added that during the raids, keys to some secret private lockers were uncovered at the premises of the bullion company.
It said, “Upon searching the private lockers, it was found that the locker operation was being done without following proper norms. No KYC was followed and there was no CCTV camera installed at the premise and there was no in and out register.”
There were 761 lockers of which three belonged to Raksha Bullion at the premises, the probing agency informed.
ED said, “Upon operating the lockers, 91.5 kgs of gold (bars) and 152 kg of silver was found in two lockers which was seized. An additional 188 kgs of silver was also seized from the premises of Raksha Bullion.”
Meanwhile, the total value of the seized gold and silver is Rs 47.76 crores.
It may be noted that the money laundering case against Parekh Aluminex Ltd. is from March 2018 where allegations of cheating banks and taking loans to the tune of Rs 2,296.58 crores were leveled against the company.
The money was later siphoned off by layering through various companies, the ED claimed.
It said, “The money was routed to various accounts in context of providing unsecured loans and investments. The same was not the purpose of taking the loans and there were no agreements in place for such transactions.”
Earlier, the probing agency had attached assets worth more than Rs 250 crores in the case in 2019.