Guwahati: The Enforcement Directorate (ED) confiscated 431 kg of gold and silver valued at over Rs 47 crores as part of a money laundering probe related to an alleged bank loan fraud case following searches of the private lockers of a bullion company on Wednesday.
The federal agency informed via a statement that the premises of Raksha Bullion and Classic Marbles were raided in relation with the case against a company called Parekh Aluminex Ltd.
The statement further stated that during the raids, the bullion company’s offices yielded the keys to several hidden private lockers.
It said, “Upon searching the private lockers, it was found that the locker operation was being done without following proper norms. No KYC was followed and there was no CCTV camera installed at the premise and there was no in and out register.”
There were 761 lockers of which three belonged to Raksha Bullion at the premises, the probing agency informed.
ED said, “Upon operating the lockers, 91.5 kgs of gold (bars) and 152 kg of silver was found in two lockers which was seized. An additional 188 kgs of silver was also seized from the premises of Raksha Bullion.”
The gold and silver that were seized are worth a total of Rs. 47.76 crores.
It should be remembered that the money laundering case against Parekh Aluminex Ltd. dates back to March 2018, when the company was accused of defrauding banks and receiving loans totaling Rs 2,296.58 crores.
The ED said that the money was later stolen by stacking it through numerous businesses.
It said, “The money was routed to various accounts in context of providing unsecured loans and investments. The same was not the purpose of taking the loans and there were no agreements in place for such transactions.”