Gems & Jewellery News

6k ghost customers in Rs 111cr demonetisation fraud: ED | Hyderabad News

Written by B2BChief


Hyderabad: Enforcement Directorate (ED) investigation into the Rs 111 crore demonetisation fraud, involving city jewellers, found 6,000 ghost customers were created to structurally layer and pump in demonetised currency into the system. The black money belongs to the jewellers and no such customers existed, the investigation found. ED has already attached the properties worth Rs 130.5 crore of the accused Musaddilal Jewellers and others.
Hyderabad police’s Central Crime Station (CCS) sleuths had first registered a case against Musaddilal Gems and Jewels Private limited, Vaishnavi Bullion Private Limited and Musaddilal Jewellers Private Limited.
The allegation is that the accused deposited demonetised notes of Rs 500 and Rs 1,000 worth Rs 111 crore in the bank accounts of three companies after November 8.
ED investigations found the accused had created bogus cash receipts and invoices showing that 6,000 customers had visited their showroom to purchase gold jewellery between 8 pm and midnight after Prime Minister Narendra Modi announced the demonetisation move.
The accused raised invoices below Rs 2 lakh so that there would be no requirement of KYC proof or PAN of customers.
Investigators found that after depositing Rs 111 crore cash into their bank accounts, the money was transferred to gold bullion dealers to buy bullion and the same was delivered to jewellers, individuals and firms.
“Majority of jewellers had admitted that they had contributed cash. They claimed that the demonetised notes were sourced from unknown customers. But they could neither provide the list of customers nor explain the reason for depositing it in the accounts of Mussadilal Jewellers instead of their own,” an ED official said.
ED said the family of Kailash Gupta had derived further profits to the tune of Rs 28 crore.
“Proceeds of crime worked out to be Rs 139 crore. The ghost customers are not traced. This shows that this is a well-planned conspiracy,” an ED official said.



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