Deepak Dubey, Mumbai: It was an open secret, now the Enforcement Directorate has found some evidence about it. Bullion traders and jewellers sold gold at double the price to black money hoarders, thereby converting the black money into gold. ED has frozen two accounts suspected to be parked with money generated from such deals.
About Rs 70 crore in old notes was deposited in these two accounts in a private bank. Currently, they just have Rs 1.4 crore. Most deposits were made after the note ban in old notes. Records show that the two accounts had Rs 100 crore, but Rs 30 crore was transferred via RTGS. The money from these accounts was transferred to accounts of some fictitious companies allegedly run by one or more bullion traders. Few traders are being probed by ED now.
The modus operandi was simple. Gold was sold a premium. The money was then roued through the fictitious companies to show that it was revenues of these companies.
“ED officials found that most of these shell companies operated out of tiny premises and had no business. They were managed by those with no proper source of income. The probe confirmed that these companies were fictitious, after which the ED requested the banks to freeze the two accounts,” a source said.
Jewellers and bullion traders recorded massive sales after the note ban. In most of these deals, the “maal” was sold at a premium, as buyers just wanted to evade taxmen and get black money converted. There have been cases were several crores were deposited in one go.
Now the account holders are being investigated to find out whether they are professional convertors of black money through bogus/shell companies. (News24Bureau)