Noida SEZ: Rs2.60 crore cash, 95kg gold, silver seized by DRI

New Delhi: The Directorate of Revenue Intelligence (DRI) has seized Rs2.60 crore cash, including Rs12 lakh in new currency notes, and 95kg of gold and silver from a firm operating from a Noida-based special economic zone (SEZ). The seizure was made in connection with its probe into alleged diversion of duty-free gold worth about Rs140 crore, imported under a special concession scheme.

DRI officers from the agency’s zonal unit in Lucknow carried out the searches for two days on the premises of M/S Shri Lal Mahal Ltd and the residences of company officials as part of its anti-black money operations after demonetisation, the agency said in a statement.

“It is found that the unit has illegally diverted and sold 430kg (valued at about Rs140 crore) of duty-free gold in the market. Cash amounting to Rs2.60 crore (Rs2.48 crore in old currency notes and Rs12 lakh in new notes) has been seized. Unaccounted 80kg of silver found in the factory has also been recovered. Further, 15kg of gold jewellery has been seized from the premises of the firm,” the statement said.

The DRI alleged that the firm had also “transferred huge amount of money through RTGS (funds transfer through banking channels) to one firm operating from their premises to purchase gold coins or bars of 24kg after 8 November (the day Rs1000 and Rs500 currency notes were scrapped) from MMTC, India’s largest public sector trading body, also to sell their as well as this gold in the market in lieu of old demonetised currency”.

“While directors of the firm are either admitted in hospital or avoiding investigations, two persons have been detained for questioning,” the statement added.