The raids were conducted in connection with a money laundering investigation against Parekh Aluminumex Ltd. During the raid, the emergency department searched the seized secret safes of 91.5 kg of gold and 340 kg of silver worth Rs 47.76 crore.
The agency said in a statement that the raids took place at the headquarters of Raksha Bullion and Classic Marbles in connection with a money laundering case against a company called Parekh Aluminumex Ltd.
ED has completed searches of 4 Raksha Bullion & Classic Marbles buildings. Searches were conducted in connection with the investigation of money laundering in the case of Parekh Aluminumex ltd. ED .: 91.5 kg of gold and 340 kg of silver valued at Rs 47.76 were seized https://t.co/XjlRcvnIb3 pic.twitter.com/9wuwCYWIeP
– Ani (ANI) September 14, 2022
During the raid, the keys to some secret safes of the headquarters of the bullion company were found.
761 lockers were inspected
The ED said that while researching the private lockers, he found that the lockers were operating without following the proper standards. No KYC was followed, no security cameras in the building, and no internal and external records.
There were 761 lockers in the complex, of which three were of Raksha ingots.
The statement said that during the search, 91.5 kilograms of gold (bar) and 152 kilograms of silver were found in two confiscated safes. An additional 188 kg of silver was also seized from the buildings of Raksha alloys. The Enforcement Directorate said the total value of the confiscated gold and silver is Rs 47.76 crore.
A money laundering case was registered in March 2018
The money laundering case against Parekh Aluminex Limited dates back to March 2018, when the company was alleged to have defrauded the banks and took out loans worth Rs 2,296.58 crore.
The Enforcement Directorate claimed that the money was then laundered through various companies.
The agency said, “The funds were transferred to different accounts with reference to making unsecured loans and investments. This was not the purpose of taking the loan and there was no settlement for such transactions.”
The ED earlier attached assets worth over Rs 205 crore in this case in 2019.