Shree Ganesh Jewellery House Ltd promoter Nilesh Parekh has been arrested for fraud in diversion of over 1,700 kg of primary gold, the Directorate of Revenue Intelligence said on Friday.
Parekh was last year arrested by Central Bureau of Investigation in connection of defrauding a consortium of banks led by State Bank of India, for non-payment of loan to the tune of Rs 2,672 crore.
"We have arrested Kolkata-based Shree Ganesh Jewellery House's promoter on Thursday and he was produced before court on Friday. He has been remanded eight days of judicial custody," a DRI official told IANS.
"Our investigation suggested that he was found to be actively involved in the fraud of diversion of primary gold of over 1700 kg among other violations like non-realisation of remittance on account of export of gems & jewelleries to the tune of Rs 7,500 crore," the official said.
Intelligence was developed by DRI that the firm having several units in in Manikanchan Special Economic Zone (MKSEZ), Kolkata was involved in diversion of gold imported duty free on the strength of being a nominated agency and also in its capacity as a SEZ unit, a DRI statement said.
"Investigation reveals that during the currency of the Letter of Approval granted by the Development Commissioner, Manikanchan SEZ, the said company imported a total quantity of 35,746 kg of gold free of import duty. It is estimated that the exports of gold jewellery made by the said unit during the currency of the Letter of Approval was of 34,041 kg. Thus, there appears to be a diversion of 1,705 kg of primary gold," the agency said.
The agency said enquiries with Reserve Bank of India reveal that Shree Ganesh Jewellery House Ltd, failed to realise export proceeds to the tune of Rs 7,450 crore on account of export of jewelleries to several dummy and shell companies at Singapore, Hong Kong and Dubai.
The case is also being investigated by Directorate of Enforcement and the CBI.
The CBI investigation is based on a complaint of outstanding bank loans taken from consortium led by SBI, while, the Enforcement Directorate is also investigating the case under Foreign Exchange Management Act and the Prevention of Money Laundering Act.
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