SEZ jewellery fraud busted in Hyderabad

Hyderabad: The Directorate of Revenue Intelligence (DRI) city unit busted a Special Economic Zone (SEZ) fraud and detected over 1,100 kilograms of gold diversion. Four people have been arrested in connection with the scam; the well worth of that may run into several crores. Based on a particular intelligence, DRI officers hooked up surveillance on a unit within the Gems and Jewellery SEZ at Ravirala village in Shamshabad. They discovered that the team indulged in the fraudulent export of gold jewelry and the diversion of SEZ gold into the neighborhood marketplace.


The said unit had taken SEZ license to import gold to manufacture gold jewelry and export the identical to foreign locations. The DRI accomplished serial searches and intercepted diverse men and women on May 3, 4, and 5, throughout which it turned into finding that the unit was ‘mis-declaring’ export consignment as gold jewelry studded with semi-valuable stones. Upon examining the export consignment, it was discovered that it was not gold jewelry but crudely-made jewelry of rocks with traces of gold. In the stated export consignment, the entire weight of gold becomes 19 kg, and that of semi-precious stones is two kg.

However, examination revealed that the handiest 565 grams of gold became utilized in that export consignment, and the rest of the 20.85 kg turned into stones. At the same time, the fee of the export consignment becomes declared as Rs five. Forty-five crore, it turned into discovered that it becomes genuinely really worth best Rs 22.16 lakh. The fraudulent export consignment changed into seized. The gold generated from this modus operandi was being diverted and offered within the local marketplace. Ten kg of foreign marked gold of SEZ shifted to the local market and despatched for transport, turned into intercepted and seized. Major discrepancies had been additionally found within the inventory held at the SEZ unit and another unit of the identical institution at Banjara Hills.

The mix-declared inventory, which incorporates 21 kg of foreign-market SEZ gold, 6.8 kg of gold jewelry, 491 kilograms of semi-treasured stones, and different fabric concerned in this fraud, is valued at Rs 14.87 crore, had been seized. As consistent with preliminary estimates, the unit has diverted over 1 one hundred kg of gold; DRI officers stated that research has also progressed.

Top city jeweler among those arrested

The Vice-Chairman and Managing Director of Sri Krishna Jewellers Group, Pradeep Kumar, is reportedly one of the four men and women arrested by the Directorate of Revenue Intelligence (DRI) here. At present, the quartet turned into lodged in the Chanchalguda prison. Sources said the DRI officials had been trying to get extra facts from those worried about one of the town’s largest frauds unearthed by the DRI. Officials were tightlipped and reluctant to show the suspects’ names concerning the case because the research still changed.

Established in 1967, the Sri Krishna Jewellers Group has set up operations not best inside the united states of America but also in Michigan and Texas in the US aside from in Hong Kong. The organization entered the international marketplace in the 80s and later opened its studies and improvement center in Banjara Hills. It has expensive showrooms in Abids and Banjara Hills. You can get handpicked testimonies from Telangana Today on WhatsApp / Telegram normally. Click this link to subscribe and store this range 9182563636 for your contacts.

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