The searches happened within the premises belonging to Sagar Diamond Limited, a BSE-listed firm, RHC Global Exports Limited, their director Vaibhav Dipak Shah and associates in Surat SEZ, Ahmedabad, and Mumbai.
Besides gold and diamonds, the ED additionally seized Rs 25 lakh in money, digital gadgets, paperwork associated to bogus import and export.
The probe company launched the case beneath the Prevention of Money Laundering Act on the premise of an FIR lodged by the Delhi Police towards the fraud.
“Thousands of common people have been cheated through this app managed by Chinese nationals in connivance with their associates in India, which includes Vaibhav Dipak Shah and Sagar Diamond Ltd,” an ED official stated.
The official stated that in the course of the search operation it was learnt that proceeds of crime generated from the fraud had been routed and possessed by Sagar Diamond Ltd and others.
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“A number of manufacturing units of the entities at Surat SEZ were found involved in exorbitant overvaluation of import, export of diamond, gem stones and other precious metals and siphoning of funds abroad in the garb of bogus imports,” the official stated.The ED stated that in the course of the search, inventory to the tune of hundreds of crores proven within the books of account was discovered to be extremely overvalued and having precise worth of Rs 10 crore artificial ruby of insignificant worth was proven as valuable gem.
So far, three individuals have been arrested within the case and numerous non-bailable warrants had been issued.
Source: economictimes.indiatimes.com