The Enforcement Directorate (ED) has intensified the investigation into Hyderabad’s massive gold scam. Based on the DRI 2019 case on money laundering allegations, the probe is being carried out on Sri Krishna Jewellers a topmost jewellery store in Hyderabad.
The probe is based on a 2019 DRI case alleging irregularities in gold imports.
It is learned that Sri Krishna Jewellers MD Pradeep Kumar and his son Sai Charan have been arrested by DRI officials in the past. The ED found out that there was a huge scandal at Sri Krishna Jewellers.
In addition to buying gold illegally from abroad, there are allegations that Sri Krishna Jewellers diverted 1100 kg of gold.
It was also found that crores of rupees had been evaded from taxes and Jewellery exports were also found to be fraudulent.
All the showrooms of Sri Krishna Jewellers in the city are undergoing thorough searches as they were unable to show the accounts. It is learned that Srikrishna Jewellers operates 35 showrooms across the country.
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