BIG REVELATION: How gold is arranged to convert black money.. 430 kg gold by just 1 firm

National | 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)

Related news

Sridevi dead, nation mourns

Dec. 25, 2016, 1:44 p.m.

Sridevi dead, nation mourns

Dec. 25, 2016, 1:44 p.m.

Rahul Gandhi condoles Sridevi's demise

Dec. 25, 2016, 1:44 p.m.

Don’t miss out

News

Bollywood mourns death of the legend

Dec. 25, 2016, 1:44 p.m.


India receives Test championship mace

Dec. 25, 2016, 1:44 p.m.


India win 3rd T20I to clinch series

Dec. 25, 2016, 1:44 p.m.


When Salman was AFRAID of Aamir

Dec. 25, 2016, 1:44 p.m.