ED raids Mumbai’s Zaveri Bazar, seizes 340 kg silver along with 92 kg gold

Information has come to light that ED has conducted four raids in Zaveri Bazaar in Mumbai. In this, 92 kg gold and 340 kg silver have been seized from the bullion dealer. This action was taken by ED on Wednesday and it has been informed by ED that this raid was conducted in 4 premises of M/s Raksha Bullion and M/s Classic Marbles.

The raid was conducted in connection with the money laundering investigation in the case of M/s Parekh Aluminex Limited. Earlier, the Enforcement Directorate had registered a money laundering case under the provisions of PMLA Act 2002 against M/s Parekh Aluminex Limited on March 8, 2018.This company took a loan of Rs 2296.58 crore by cheating many banks. The money was then transferred to various accounts through various companies in connection with unsecured loans and investments. The purpose of borrowing was different and no agreements were entered into for such transactions. 158.26 crore was earlier seized by ED in 2019.

During the raid on Wednesday, the keys of private lockers were recovered from the premises of M/s Raksha Bullion, during the search of these private lockers, transactions were being conducted without proper norms during the raids by the ED. KYC was not followed, CCTV camera was not installed in the premises. No register was kept for in and out entries. When the locker area was searched, it was found that there were 761 lockers out of which 3 belonged to M/s Raksha Bullion. In 2 lockers while running lockers.91.5 kg of gold and 152 kg of silver were found and seized. An additional 188 kg of silver was also seized from the premises of M/s Raksha Bullion. The total value of seized items is Rs. 47.76 crores.