2012 – MSTC Gold Export Scam Posted on July 27, 2013 2012 - MSTC Gold Export ScamThe Enforcement Directorate (ED) on Saturday seized Rs. 13 crore from a company that is allegedly involved in a gold export fraud worth Rs. 600 crore. The fraud was busted by the Central Bureau of Investigation (CBI) in October 2010. The ED seized demand drafts belonging to Ushma Jewellery and Packaging Export Private Limited that has been booked under the Prevention of Money Laundering Act (PMLA) for purchasing properties using the money allegedly siphoned off through illegal export of gold. “Investigations revealed that the company diverted Rs. 13 crore to purchase properties,” an ED official said, requesting anonymity. The ED has also begun the process to seize assets and properties belonging to five other companies that are also involved in the gold export scam. MSTC Gold Export Scam In October 2010, the CBI had registered a first information report (FIR) against the six companies that had approached MSTC — a government of India enterprise for export of gold — in 2008-2009, saying that they want to export gold worth Rs. 600 crore to the UAE and sought 80% advance. As per the conditions, the companies first organised the total amount (of Rs. 600 crore) by themselves and exported gold, following which they got Rs. 480 crore (80% of the amount) as advance from MSTC. The advance was given on the condition that they return the same within 170 days, along with a commission of 1% of the total export amount (of Rs. 600 crore) which stood at Rs. 6 crore. However, the companies failed to return this amount to MSTC and allegedly usurped the same.The CBI had found that the proceeds of export were then transferred back to India through hawala (illegal channel of transferring money). They discovered that the usurped amount was deposited in the Pen Urban Cooperative Bank and used to purchase properties in and around Pen.
Posted on: Fri, 02 Aug 2013 17:03:14 +0000
Trending Topics
Recently Viewed Topics
© 2015