DeMo scam: ED attaches assets worth ` 130.57cr

HYDERABAD: Directorate of Enforcement on Monday attached the movable and immovable assets worth Rs 130.57 crore of Musaddilal Gems and Jewels Private Limited among others in a demonetization scam case.

In an official statement, ED informed that the agency had provisionally attached assets worth Rs 130.57 crore including 41 immovable properties registered in the name of the various jewellers and others involved in the case and movable properties in the form of stock in trade (Rs 18.69 crore) and investments made in the stock market in the form of shares (0.63 cr) in demonetization scam case. "The attachment also includes gold jewellery/ bullion/ ornaments seized during the earlier searches which are valued at Rs 83.30 crore," it said, ED initiated an investigation against Musaddilal Gems and Jewels Pvt Ltd and others based on the FIR registered by Telangana State Police, Hyderabad. "During the investigation, it was revealed that Musaddilal Gems and Jewels Pvt Ltd, Vaishnavi Bullion Private Limited and Musaddilal Jewellers Pvt Ltd had deposited demonetized notes of Rs 500 and Rs 1000 to the tune of Rs 111 crore in their bank accounts immediately post November 8, 2016.