The Law Enforcement Branch today seized 431kg of gold and silver worth more than Rs 47 crore after searching the secret lockers of a bullion company as part of a a money laundering investigation related to an alleged case of bank loan fraud.
The premises of Raksha Bullion and Classic Marbles were raided in connection with the case against a company called Parekh Aluminex Ltd., the federal agency said in a statement.
During the raids, keys to some secret private lockers were found at the premises of the bullion company, he said.
“Upon searching the private lockers, it was found that the locker operation was being carried out without following proper standards. No KYC was followed and there was no CCTV camera installed at the premises and there was no check-in and check-out register,” he said.
The premises had 761 lockers, three of which belonged to Raksha Bullion, he said.
“During the operation of the lockers, 91.5 kg of gold (bars) and 152 kg of silver were found in two lockers which were seized.”
“An additional 188kg of cash was also seized from the premises of Raksha Bullion,” he added.
The total value of the seized gold and silver is Rs 47.76 crore, the Law Enforcement Directorate said.
The money laundering case against Parekh Aluminex Ltd. dates back to March 2018, where it was alleged that the company “deceived banks and took out loans amounting to Rs 2,296.58 crore”.
This money, according to the Directorate of Law Enforcement, was then “siphoned off through various companies”.
“The money was funneled into various accounts as part of the provision of unsecured loans and investments. It was not the purpose of taking out loans and there was no agreement in place for such transactions,” the agency said.
He previously had attached assets worth more than Rs 205 crore in this case in 2019.
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