ED raids: ₹ 2,700 crore gold biscuits bought with demonetised notes
- The gold biscuits were bought with demonetised notes in November 2016.
- ED also exposed that 8,000 Kg of gold was imported into Hyderabad between November 8 and 30.
The ED sources also exposed that 8,000 Kg of gold was imported into Hyderabad between November 8 and 30 - the period post demonitisation.
"That all this was sold can be ascertained from the fact that there was a fresh import of 1,500 Kg of gold between December 1 and 10. There is a sudden spurt in the bullion market and those with a high stash of the demonetised currency are buying gold from bullion traders and jewellers in Hyderabad," the sources told Times of India.
As of now, the ED and IT officials are examining whether the gold traders accepted old cash on November 8, the time when demonetisation had struck the country, and if they did, it will be against the rules.
Since the Musaddilal Jewellers have been uncovered in Hyderabad, the ED is now suspecting foul play in the sale of gold in larger quantities.
Musaddilal jewellers on the other have claimed that there were demands and people were ready to make advance payments and which is why they sold the gold to 5,200 customers and made Rs 100 crore. The business was carried out till the midnight of November 8 and 9.
Meanwhile, ED sources said Musaddilal jewellers deposited the Rs 100 crore in the bank and transferred the same to four bullion traders. It is ED's case that the jeweller could have sold gold worth Rs 100 crore in the few hours from when Prime Minister Narendra Modi announced demonetisation and the ban came into effect that midnight.
Gold as bullion was brought in into Hyderabad through companies like Diamond India, MMTC, MD Overseas Ltd, State Trading Corporation and banks like Axis, The Bank of Nova Scotia, Indus Ind, Yes Bank, ICICI, SBI, HDFC and Kotak Mahindra etc.