The Enforcement Directorate (ED) on Wednesday concluded a search operation at four premises belonging to Mumbai-based Raksha Bullion and Classic Marbles in connection with the money laundering probe in the case of Parekh Aluminex Limited.
The agency seized 431 kg of gold and silver worth more than Rs 47 crore after it searched secret lockers of the bullion company. Issuing a statement, the federal agency said, "Upon searching the private lockers, it was found that the locker operation was being done without following proper norms. No KYC was followed and there was no CCTV camera installed at the premise and there was no in and out register."
The premise reportedly had 761 lockers, of which three belonged to Raksha Bullion. "Upon operating the lockers, 91.5 kg of gold (bars) and 152 kg of silver were found in two lockers, which were seized. An additional 188 kg of silver was also seized from the premises of Raksha Bullion," the agency said.
The total value of the seized gold and silver is worth Rs 47.76 crore.
Money laundering case
In March 2018, the ED registered a money laundering case against Parekh Aluminex Ltd., alleging that the company "duped banks and took loans to the tune of Rs 2,296.58 crore."
The agency claimed that the money, was thereafter 'siphoned off by layering through various companies. It said, "The money was routed to various accounts in context of providing unsecured loans and investments. The same was not the purpose of taking the loans, and there were no agreements in place for such transactions."
Earlier, the ED had also attached assets worth more than Rs 205 crore in the case in the year 2019.
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