Hyderabad: The investigation of Directorate of Revenue Intelligence into Hyderabad SEZ gold import scam has revealed that at least Rs 700 crore worth gold has been imported and diverted without making gold jewellery.
DRI booked a case against Sri Krishna Exim LLP and arrested five accused in the case for violating the SEZ act and Customs act. The accused including Pradeep Kumar of Srkirshna, diverted the gold to jewellers in Hyderabad.
DRI arrested one more accused on Wednesday identified as N Sunil who worked for Sri Krishna.
As per the rules, Sri Krishna Exim located in Hyderabad Gems SEZ in Shamshabad is supposed to make gold jewellery in their unit and export it. They are not supposed to sell the imported gold or gold jewellery made in the Indian market—however, the accused made namesake gold ornaments where a little gold and more semi-precious stones are used.
DRI sleuths seized around Rs 24 crore worth of gold, cash, precious stones, diamonds, semi-precious stones during various searches on the premises owned by the accused involved in Hyderabad SEZ gold scam case.
DRI also identified that through hawala channels, the money is routed in the case.
"It is estimated that around 1800 KGs of gold has been imported and the majority of it has been diverted into the domestic market," said a DIR official.
DRI has been probing the case since 2019 May and arrested five accused so far in the case. N Sunil though working as an office boy in Sri Krishna his involvement is big as he acted as a mule to transport gold within the city. Meanwhile, Hyderabad Gems Sez was earlier on the radar as in Nirav Modi case the accused Mehul Choski ran a unit in the SEZ. Several agencies then raided the SEZ units. Srikrishna Exim went unnoticed during those searches as there is no connection. However, based on specific information DRI conducted searches later.