New Delhi, Dec 27 The Enforcement Directorate (ED) on Wednesday said that it carried out searches at premises of Surat-based Sharanam Jewels LLP in connection with "suspicious" outward remittances matter.
The searches were conducted at its promoter Avadh Harshad Yagnik and its associates, Vansh Marketing, a proprietorship concern of Ashik Patel and others at various locations including Ahmedabad, Surat and Dhubri, for allegedly making ''suspicious'' outward remittances worth Rs 2,284 crore.
The ED said that the search operations under the provisions of FEMA, 1999 at the premises of Sharanam Jewels LLP, its promoter and its associates were carried out after the financial probe agency initiated a probe on the basis of credible information which revealed that the said entities are involved in sending foreign exchange outside India on a large scale and made suspicious outward remittances amounting to Rs 2,284 crore on account of payment towards import settlement of invoice.
The ED said: "During the search it has been found that Sharanam Jewels LLP is running a unit at SEZ, Surat and doing import-export of gems and jewellery. In last two years the entity did import-export to the tune of Rs 3,700 crore. The entity in its books of account has shown closing stock to the tune of Rs 520 crore, however on physical verification meagre stock worth Rs 19.70 lakh has been found."
"ED investigation further revealed that Sharanam Jewels LLP and its associate Vansh Marketing with the help of other shell entities have provided accommodation entries over Rs 5,000 crore to various persons or entities through web of complex transactions in the garb of imports-exports," it alleged.
The ED said that during searches, various incriminating documents and digital devices have been found and seized. "Bank accounts of the involved entities having balances to the tune of Rs 1.14 crore have been frozen," it added.
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