ED Attaches Movable Assets Worth Rs7.47 Crore from Shri Lal Mahal
Moneylife Digital Team 26 July 2021
The Enforcement Directorate (ED) has attached movable assets worth Rs7.47 crore of Noida-based Shri Lal Mahal Ltd under Prevention of Money Laundering Act (PMLA) in the case of smuggling or diversion of 586 kgs of duty-free gold in the domestic market.
 
A provisional order for attachment of seized cash, gold jewellery and silver worth Rs7.47 crore has been issued under the against the company, ED says.
 
 
In a statement, the ED says its probe revealed Shri Lal Mahal 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 Rs17.54 crore. 
 
In December 2016, soon after demonetisation, officials from Directorate of Revenue Intelligence (DRI) had seized cash worth Rs2.60 crore cash, including Rs12 lakh in new currency notes, and 95kgs of gold and silver from Shri Lal Mahal, which operates from a special economic zone (SEZ) in Noida.
 
Later in February 2017, the DRI and Noida police had arrested Devashish Garg, son of Prem Chand Garg, managing director (MD) of Shri Lal Mahal, for allegedly selling 430kgs of duty-free gold to locals in the weeks after demonetisation. DRI had also arrested the senior Garg and four other persons at that time.
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