ED Sur­veys Rid­diSid­dhi Bul­lions, Jewellers

The Economic Times - - Commodities Plus - Ram.Sah­gal @times­group.com

Mum­bai: An En­force­ment Direc­torate (ED) sur­vey on Rid­diSid­dhi Bul­lions (RSBL) on Tues­day morn­ing set tongues wag­ging in Mum­bai’s fa­mous Zaveri Bazaar gold mar­ket, where top bul­lion dealer and other noted jewellers are housed. Un­con­firmed re­ports sur­faced on the agency hav­ing queried other jewellers and bul­lion deal­ers in the vicin­ity but this could not be as­cer­tained till the time of go­ing to press. An RSBL spokesper­son de­scribed the visit as a “rou­tine sur­vey” where cer­tain data re­lated to past im­por­t­ex­port trans­ac­tions of bul­lion were sought and given to the agency.

“In the nor­mal course of busi­ness op­er­a­tions ev­ery com­pany re­ceives re­quests for in­for­ma­tion re­lated to busi­ness ac­tiv­i­ties from var­i­ous gov­ern­ment de­part­ments. We have re­ceived one such re­quest, for which we have sub­mit­ted the re­quired doc­u­ments. We have co­op­er­ated fully with the depart­ment. We be­lieve such en­quiries have been con­ducted at var­i­ous other jewellers and bul­lion com­pa­nies in the mar­ket today,” the spokesper­son said.

At­tempts to con­tact ED of­fi­cials were un­suc­cess­ful. Queried on the en­quiries on RSBL and jewellers in Zaveri Bazaar, In­dia Bul­lion & Jewellers’ As­so­ci­a­tion na­tional pres­i­dent Mo­hit Kam­boj said he was “not aware” of such de­vel­op­ments.

An RSBL spokesper­son de­scribed the visit as a “rou­tine sur­vey”

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