The Enforcement Directorate (ED) on Monday said it has attached assets worth over Rs 7 crore of a company in connection with a case of money laundering through alleged diversion of duty-free imported gold.
The agency said a provisional order for attachment of seized cash, gold jewellery and silver worth Rs 7.47 crore has been issued under the Prevention of Money Laundering Act (PMLA) against the firm — Shri Lal Mahal, it said.
The ED case against the accused company and its promoters followed an earlier complaint filed by the Directorate of Revenue Intelligence (DRI) in Noida near here, under sections of the Customs Act for “diversion of 586 kg of duty-free imported gold in the domestic market and evading of Customs duty.”
The ED probe revealed that Shri Lal Mahal Ltd. and its related entity Bindra Sales Pvt Ltd, its beneficial owners Prem Chand Garg, Anita Garg and others were involved in criminal offences and had acquired proceeds of crime by diverting the duty-free imported gold in the domestic market and evading Customs duty to the tune of Rs 17.54 crore, the agency said in a statement.