ED attaches over Rs 7-crore assets of Delhi-based company in duty-free gold diversion case

ED stated that it has provisionally attached movable assets in the form of seized cash, gold jewellery and silver worth Rs 7.47 crore of 'Shri Lal Mahal Ltd' under PMLA.

New Delhi: The Enforcement Directorate (ED) on Monday (July 26, 2021) informed that it has attached assets worth over Rs 7 crore of a Delhi-based company in connection with a case of alleged diversion of duty-free imported gold.

The Directorate of Enforcement stated that it has provisionally attached movable assets in the form of seized cash, gold jewellery and silver worth Rs 7.47 crore of 'Shri Lal Mahal Ltd' under the Prevention of Money Laundering Act, 2002 (PMLA).

ED, notably, initiated investigation on the basis of a complaint filed by the DRI, Noida under section 135 of the Customs Act, 1962 for diversion of 586 kgs of duty-free imported gold in the domestic market and evading of customs duty.

​Subsequently, the agency claimed that its money-laundering investigation revealed that Shri Lal Mahal Ltd and its related entity Bindra Sales Pvt Ltd, its beneficial owners Prem Chand Garg, Anita Garg and others were involved in criminal offences and had acquired proceeds of crime by diverting the duty free imported gold in the domestic market and evading customs duty to the tune of Rs 17.54 crore.