HYDERABAD: Directorate of Revenue Intelligence (DRI) which busted Rs 330 crore worth imported gold diversion racket and arrested four persons including Sri Krishna Jewellers MD Pradeep Kumar and his son Sai Charan, have also launched a hunt for six more persons who were involved in the diversion racket.
The six persons are employees of the jeweller and were absconding from the time DRI started searches at the jeweller’s unit located at SEZ in Raviryal at Shamshabad and showrooms in the city. Inquiries also revealed that the jeweller had diverted the entire 1,100 kg gold to jewellery markets in Hyderabad.
DRI officials found that the group’s annual import gold quantity could be around 1,200 kg, out of which 1,100 kg was diverted into the local markets, instead of exporting it to foreign destinations.
It is believed that the jeweller started operations at the unit in 2017 and the diverted quantity of gold was imported in early 2018. The quantity was imported from several foreign destinations in different phases. As the consignments arrived, they were diverted into the local markets and the records were prepared accordingly. It is suspected that the employees working at the unit were aware of the fraud and some of them have even played an active role in preparing fake records and also ensuring safe transportation of the diverted gold.
The group also operates two stores in USA and one at Hong Kong, but it is not confirmed if a similar type of fraud took place there also.