Silver And Gold Weighing 431 Kg Taken From Firm’s Secret Lockers In Bank Fraud Case
In the course of a money laundering investigation connected to an alleged bank loan fraud case, the Enforcement Directorate seized 431 kg of gold and silver valued at more than 47 crores after searching the private vaults of a bullion company.
According to a statement from the federal agency, Raksha Bullion and Classic Marbles’ offices were raided in relation to the investigation against Parekh Aluminex Ltd.
Keys to some hidden private lockers were discovered at the bullion company’s location during the raids, it claimed.
Private lockers were searched, and it was discovered that no correct procedures were being followed when operating the lockers. There was no in-and-out registration, no CCTV camera installed on the property, and no KYC procedure was performed, it stated.
Raksha Bullion owned three of the 761 lockers on the premises, it claimed.
When the lockers were opened, 152 kg of silver and 91.5 kg of gold (bars) were discovered and seized.
It stated that an additional 188 kg of silver was also recovered from the Raksha Bullion facilities.
According to the Enforcement Directorate, the gold and silver that were confiscated are worth a total of 47.76 crores.
According to the money laundering lawsuit filed against Parekh Aluminex Ltd. in March 2018, the business “cheated banks and took loans to the tune of 2,296.58 crores.”
This money was allegedly then siphoned off by layering through several firms, according to the Enforcement Directorate.
In order to provide unsecured loans and investments, the money was transferred to a number of accounts. The loans were not taken for the same purpose, and no agreements were in place for such transactions.
In this instance, it had previously attached assets valued at more than 205 crores in 2019.
News Mania Desk
