The Enforcement Directorate has arrested a person in connection with the alleged diversion of gold jewelery weighing around 250 kg, which was meant for export. The Directorate of Revenue Intelligence first investigated the case.
The accused has been identified as Preet Kumar Aggarwal. He was arrested after an ED search at five locations in Hyderabad.
According to the agency, the gold was purchased by the accused persons for free from nominated agencies like MMTC, State Trading Corporation of India Limited and Diamond India Limited. It was being sold illegally to various individuals in the domestic sector to evade customs duty and to generate large proceeds of crime, it said.
The DRI, which during its investigation found that around 250 kg of gold was diverted and smuggled, filed a charge sheet against those involved under the Customs Act.
The ED indicated large-scale “hawala” transactions carried out by the accused persons during the search. He also acquired to locate properties in the names of other individuals.
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