Hyderabad: The city unit of the Directorate of Revenue Intelligence (DRI) busted a Special Economic Zone (SEZ) fraud and detected diversion of over 1,100 kilograms of gold. Four people were arrested so far in connection with the fraud, the well worth of that may run into several crores.
Based on a particular intelligence, DRI officers had hooked up surveillance on a unit situated within the Gems and Jewellery SEZ at Ravirala village in Shamshabad and discovered that the unit became indulging in fraudulent export of gold jewelry and diversion of SEZ gold into the neighborhood marketplace.
The said unit had taken SEZ license for import of gold for the manufacture of gold jewelry and for exporting 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.
On actual examination of the export consignment, it became discovered that it was not gold jewelry however crudely-made jewelry of stones with traces of gold in it. In the stated export consignment, the entire weight of gold become declared as 19 kg and that of semi-precious stones as two kg.
However, examination revealed that handiest 565 grams of gold become utilized in that export consignment and the rest of 20.85 kg turned into of stones. While the fee of the export consignment become 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 out of this modus operandi was being diverted and offered within the local marketplace. Ten kg of foreign marked gold of SEZ which became diverted 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 at 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 kg of semi-treasured stones and different fabric concerned in this fraud, totally 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 including that in addition research become in progress.
Top city jeweler among those arrested
The Vice-Chairman and Managing Director of Sri Krishna Jewellers Group, Pradeep Kumar, is reportedly some of the 4 men and women, who were 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 the ones worried in one in all the largest frauds unearthed by the DRI in the town.
Officials were tightlipped and reluctant to show the names of the suspects worried in the case because the research changed into still on.
Established in 1967, the Sri Krishna Jewellers Group has set up operations now not best inside the united states of America however additionally 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 swanky showrooms in Abids and Banjara Hills.
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