Gold buyers in these cities are in deep trouble..66000 kilo sold in Nov


Mumbai: The Delhi, Bengaluru, Mumbai, Chennai, Ahmedabad, Kolkata and Hyderabad gold buyers and jewellers may expect a knock at their door from the Enforcement Directorate (ED) officials. ED suspects that  maximum black money was converted in gold in these seven cities. The bankers too are in radar for their alleged connivance in the process.

A total of 66,000 kg gold was imported in November 2016. ED officials scanned the data and found that 25,000 kg was sold in Delhi, 15,000 kg in Ahmedabad, 7,300 kg in Hyderabad, 7,000kg in Chennai, 6,200 kg Bengaluru, 2,550 kg in Kolkata and 1,250 kg in Mumbai. ED had arrested two Axis Bank officials in Delhi for their involvement ain alleged black money conversion. According to data, of the total gold imported in Delhi, 7,300 kg was by Axis Bank. Gold  is mostly imported through registered banks and private firms.
During a raid, a Mumbai-based bullion trader told ED that he sold 600 kg gold in November, but could not furnish documents.ED found that around Rs 200 crore was deposited into his account, mostly through bogus companies. The trader said he sold gold in exchange for money, but could not produce customers' details. ED probe revealed that only Rs 8 crore was left in his account, balance was shifted.


Another bullion trader sold gold worth Rs 70 crore, but again not much was found in account by ED.

ED is trying to match purchases by bullion traders with their sales. ED suspects that bullion traders have fudged purchase documents in connivance with banks in order to match high sales. The high sales were primary money laundering by buyers. Payments, ED, suspects came at a premium as they involved banned notes. (News24Bureau)