BIG REVELATION: How gold is arranged to convert black money.. 430 kg gold by just 1 firm
| Dec. 25, 2016, 1:44 p.m.
New Delhi: Of late many case of black money being turned into gold have been reported. You must be thinking how so much gold was available with jewellers, as jewellers have to maintain inventory of their gold stock. Now the source of this gold has been identified.
It has turned out that duty free gold brought into country under special economic regulations by commodity trading companies and exporters is being diverted for conversion of black money. In a shocking revelation, investigating agencies have said that they have found that one single company diverted 430 kg gold worth Rs 120 crore for conversion of old notes.
During the raid 15 kg gold jewellery, 80 kg silver and Rs 2.6 crore cash (Rs 12 lakh in new) was found from premises of this firm.Based on intelligence inputs Directorate of Revenue Intelligence had raided premises and offices of the owners of Shri Lal Mahal Ltd, a commodities trading company. Documents, showing online transfer of huge amount of money to another company working from the same office, were also found. The fund transfer was an attempt to convert old currency into gold.
This amount, according to sources, was meant to purchase gold coins or bars from the state-run Metals and Minerals Trading Corporation. (News24Bureau)