HYDERABAD: The High Court of Telangana, Justice B Vijayasen Reddy on Tuesday directed the counsel for Enforcement Directorate (ED) to clear instructions from ED for freezing of bank accounts of Sri Krishna Jewellers, Hyderabad. The Officers of Directorate of Revenue Intelligence (DRI), Hyderabad onMay 03, 2019 had conducted a search at the premises of Sri Krishna Exim, Hyderabad and Sri Krishna Jewellers, and issued showcause notices.
On October 07, 2021, the ED conducted search under the Prevention of Money Laundering Act (PMLA) at the business premises of the petitioners in relation to the aforesaid DRI investigation. The ED alleged that 1,800 kg gold was smuggled and Rs 700 crore money laundering occurred. Petitioners counsel informed the court that if the business operations of the petitioners are not commenced immediately, then the companies will go into liquidation as they are undergoing huge losses daily.