The Enforcement Directorate (ED) had initiated its money laundering investigation against the owner, along with his son and another family member, of Hyderabad-based Ghanshyamdas Gems & Jewels for smuggling gold and diverting it into the domestic market.
The attached assets, villas and 54 kg gold, are linked Ghanshyamdas Gems & Jewels owner Sanjay Kumar Agarwal, his son Preet Kumar Agarwal and another family member Radhika Agarwal. (File representative image: Reuters)
The Enforcement Directorate (ED) has attached assets worth Rs 25.28 crore linked to family members of Hyderabad-based Ghanshyamdas Gems & Jewels in a gold smuggling case, officials said.
The attached assets, villas and 54 kg gold, are linked to Ghanshyamdas Gems & Jewels owner Sanjay Kumar Agarwal, his son Preet Kumar Agarwal and another family member, Radhika Agarwal.
The ED had initiated its money laundering investigation on the basis of a case registered by the DRI Kolkata under the provisions of Customs Act, 1962 for smuggling of gold and diverting it into the domestic market.
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After registering the case, the financial probe agency carried out search operations in Hyderabad on March 9, 2021 and July 19, 2021, and seized incriminating documents, which allegedly revealed the acquisition of properties by the accused persons in the name of their associates.
“During the investigation by the ED, it was revealed that the gold procured duty-free from nominated agencies like MMTC, State Trading Corporation etc., and meant for export used to be diverted in the domestic market by Sanjay Agarwal with the active connivance of his relatives and other associates,” said the officials.
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Earlier, the ED had arrested Preet Kumar Agarwal in this case for his alleged role in money laundering activities.
The Special Court (PMLA), Kolkata, has issued non-bailable warrants (NBWs) against Sanjay Agarwal, Radhika Agarwal, Ajay Kumar Agarwal and Avinash Soni.
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