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Success Story

Case 1: Hyderabad based Jeweller

Author: ITD Date:12-06-2017 10:15 AM

Investigations were initiated on the Group on receipt of information that cash of Rs. 97 crore had been deposited in demonetised currency notes. During investigations, the Group claimed to have received cash from various customers on 8 November, 2016 from 9:00 pm onwards towards advance for purchase of bullion. The irregularities found during search actions are as under:
  • It was claimed that cash advances of Rs. 90 crore were taken on 8 November from 0900 hrs from 5,200 customers. Declaration letters were, however, furnished for only 65 persons. It was also seen that cash receipts and sale invoices for these advances were for amounts below Rs. 2 lakhs and did not have PAN details.
  • Statement of the security guard on night duty was also recorded who stated that no one had visited the premises from 8:00 pm onwards on 8th November, 2016.
  • The premises was under CCTV surveillance, however no footage for 8th November was available, which the Director claimed had been overwritten.

From the evidences prima facie the conclusion drawn was that the two companies had facilitated conversion of unaccounted cash of beneficiaries into billion through making dubious claims of receipts of cash advance from 5,200 persons without any evidences. The case has been also referred to ED and CBI for appropriate action.."
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