Rs 25 crore worth assets of Hyderabad jeweller attached

HYDERABAD: Assets worth Rs 25 crore of city-based Ghanshyamdas Gems and Jewellers’ promoters Sanjay Agarwal and family members have been attached by the Enforcement Directorate (ED) in a case of smuggling gold meant for export and diverting it to domestic market. ED has attached residential villas and 54 kg of gold seized from the accused facing a case under the Prevention of Money Laundering Act (PMLA).
ED investigation follows a case registered against the accused by the Directorate of Revenue Intelligence (DRI), Kolkata, under the Customs Act for allegedly diverting 250 kg of gold.

Their modus operandi involved completing all customs export formalities for jewellery which was then exchanged within the airport and brought back for domestic use.
“The accused Sanjay Agarwal procured gold from agencies such as MMTC, State Trading Corporation etc. meant for export but diverted it in the domestic market with the active connivance of his relatives and associates,” the ED said.
In March and July this year, ED had seized documents during searches in Hyderabad revealing acquisition of properties by the accused in the name of their associates. ED had earlier arrested Sanjay’s son Preet Kumar Agarwal in this case for money laundering. Non-bailable warrants were issued by a Kolkata court against Sanjay Agarwal, Radhika Agarwal, Ajay Kumar Agarwal and Avinash Soni of Ganesh Jewellers who was paid Rs20,000/month to act as a carrier.
Earlier in April 2018, DRI had arrested Preet from Kolkata International Airport.
“Sanjay Agarwal boarded an Indigo Airlines flight to Hyderabad but was made to de-board by DRI officials who intercepted two boxes from the airline’s domestic cargo which contained 1,194 pieces of gold bangles valued at Rs16 crore. The consignment was supposed to be carried by Preet to Dubai.
Instead, Preet passed boxes to his father Sanjay waiting outside the airport. Sanjay in turn booked the consignment of gold jewellery with Indigo Airlines’ domestic cargo to transfer it from Kolkata to Hyderabad,” an official said.