ED attaches assets worth Rs. 25.28 crore of Hyderabad-based jewellers
New Delhi, September 2, 2021
The Enforcement Directorate (ED) said on Thursday that it had attached assets worth Rs 25.28 crore of Hyderabad-based jewellers Sanjay Agarwal, Radhika Agarwal and Preet Kumar Agarwal in a case involving alleged smuggling of gold originally meant for export.
The attached assets are in the form of residential villas and 54 kg of gold, a press release from the ED said.
The release said the ED had initiated money laundering investigation on the basis of a case registered by the Directorate of Revenue Intelligence (DRI), Kolkata under the provisions of Customs Act, 1962 for smuggling of gold and diverting it in the domestic market.
The ED carried out search operations at Hyderabad on March 9 this year and seized what it said were incriminating documents, which allegedly revealed acquisition of properties by the accused persons in the names of their associates.
"During the investigation by ED, it was revealed that the gold procured duty-free from nominated agencies like MMTC, State Trading Corporation etc and meant for export used to be diverted in the domestic market by Sanjay Agarwal with the active connivance of his relatives and other associates," the release said.
Earlier, the ED had arrested Preet Kumar Agarwal in this case for his "active role" in the money laundering activities. The Special Court (PMLA), Kolkata has issued non-bailable warrants (NBWs) against other accused persons -- Sanjay Agarwal, Radhika Agarwal, Ajay Kumar Agarwal and Avinash Soni, it said, adding that further investigation is under progress.