Sri Krishna jewellers in big trouble

The ED alleged that 1,800 kg gold was smuggled and Rs 700 crore money laundering occurred. 

Published: 27th October 2021 09:17 AM  |   Last Updated: 27th October 2021 09:17 AM   |  A+A-

Gold seized from Sri Krishna Jewellers by the DRI, in Hyderabad on Tuesday

For representational purpopse. (Photo | EPS)(Photo| EPS)

By Express News Service

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp