HYDERABAD: The Directorate of Enforcement (ED) on Thursday conducted searches at the offices of city-based Sri Krishna Jewellers and the residences of its promoters in connection with a 2019 case registered against the firm by the Directorate of Revenue Intelligence (DRI).
The DRI had then arrested four persons, including the managing director of Sri Krishna Jewellers Pradeep Kumar, for diversion of more than 1,100 kg of gold, worth more than Rs 330 crore, into the local market, in violation of licence agreements.
During the searches, the agency seized incriminating materials, including documents related to transactions pertaining to gold. In 2019, the DRI had seized 21 kg of foreign-marked SEZ gold, 6.8 kg of gold jewellery, 491 kg of semi-precious material, and other items worth Rs 14.87 crore, and also found that by diverting the gold, the jeweller was saving 13 per cent on customs duty.