Phoney funds by bul­lion traders & jew­ellers

Financial Chronicle - - PLAN, POLICY -

A Hy­der­abad story

In­ves­ti­ga­tions were ini­ti­ated on a Hy­der­abad-based group on re­ceipt of in­for­ma­tion that Rs 97 crore cash had been de­posited in de­mon­e­tised cur­rency notes. Dur­ing in­ves­ti­ga­tions, the group claimed to have re­ceived cash from var­i­ous cus­tomers on Novem­ber 8, 2016 from 9 pm on­wards to­wards ad­vance for pur­chase of bul­lion. The ir­reg­u­lar­i­ties found dur­ing search ac­tions are as un­der:

It was claimed that cash ad­vances of Rs 90 crore were taken on Novem­ber 8 from 9 pm from 5,200 cus­tomers. Dec­la­ra­tion let­ters were, how­ever, fur­nished for only 65 peo­ple. It was also seen that cash re­ceipts and sale in­voices for these ad­vances were for amounts be­low Rs 2 lakh and did not have PAN de­tails.

State­ment of the se­cu­rity guard on night duty was also recorded who stated that no one had vis­ited the premises from 8 pm on­wards on Novem­ber 8, 2016. The premises was un­der CCTV sur­veil­lance, how­ever no footage for Novem­ber 8 was avail­able, which the di­rec­tor claimed had been over­writ­ten.

From the ev­i­dences prima fa­cie the con­clu­sion drawn was that the two com­pa­nies had fa­cil­i­tated con­ver­sion of un­ac­counted cash of ben­e­fi­cia­ries into bul­lion through mak­ing du­bi­ous claims of re­ceipts of cash ad­vance from 5,200 pople with­out any ev­i­dences. The case has been also re­ferred to ED and CBI for ap­pro­pri­ate ac­tion.

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