Raid on Delhi firm unearths 120 Crores worth of gold channelled for laundering old notes

Officials of the raided firm had allegedly intended to sell this gold in the market in return of scrapped currency.

Raid on Delhi firm unearths 120 Crores worth of gold channelled for laundering old notes

Continuing the raids being conducted across country, a Delhi based firm was raided by revenue officials which unearthed 430 kg of gold, worth around Rs. 120 crore which was diverted illegally by a company in Delhi to convert old notes.

Furthermore, officials told NDTV that they have also found Rs. 2.48 crore in old notes, Rs. 12 lakh in new notes, 80 kg of silver and 15 kg of gold jewellery in the raids in Delhi and Noida.


According to the report, Officials of the Directorate of Revenue Intelligence (DRI), Lucknow conducted the raid at the office and residential premises of the owners of Shri Lal Mahal Ltd, a commodities trading company, on Thursday and Friday based on intelligence inputs.

The officials further said that the gold had been diverted illegally after being imported under special economic regulations that made it duty free. They also found records of a huge amount of money transferred to another firm operating from the same offices through online wire transfer in a bid to convert demonetised currency.

It has been said that this was meant to purchase gold coins or bars from the state-run Metals and Minerals Trading Corporation. Officials of the raided firm had allegedly intended to sell this gold in the market in return of scrapped currency.

NDTV quoted its sources as saying that the directors of the firm have been avoiding questioning citing health and other reasons.

Meanwhile, two persons who were detained are being questioned, they said.

It is to be noted that following November 8 decision when Centre banned Rs 500 and Rs 1000 notes, in the past few weeks almost daily hauls of cash and assets have been unearthed through the raids. Today itself Income tax officials unearthed around Rs 47 crores from Bangalore.