Hyderabad: The Enforcement Directorate conducted searches across branches of Sri Krishna Jewellers in the city on Thursday in connection with a 2019 gold scam case, following alleged money laundering and irregularities in gold imports. Six teams from the agency participated in the raids on Thursday.
Earlier, an investigation by the Directorate of Revenue Intelligence (DRI) into the Hyderabad SEZ gold import scam has revealed that at least Rs 700 crore worth of the precious metal had been imported and diverted without making gold jewellery.
The DRI had booked a case against Sri Krishna Exim LLP and arrested five accused including managing director Pradeep Kumar and his son Sai Charan for violating the SEZ Act and Customs Act.
The ED has now stated that it has found out that in addition to the previous charges of buying gold illegally from abroad, there were allegations that Sri Krishna Jewellers had diverted 1,100 kg of gold and that taxes worth crores of rupees had been evaded.
The claims of jewellery export were also found to be fraudulent, sources said, adding that the showrooms of Sri Krishna Jewellers would be undergoing searches as the company was unable to show tallied accounts. It is learned that Sri Krishna Jewellers operates 35 showrooms across the country.
Previously, DRI sleuths had seized around Rs 24 crore worth of gold, cash, stones, diamonds, semi-precious stones during various searches on the premises owned by the accused involved in Hyderabad SEZ gold scam case.
