Riddhi Siddhi Bullion slapped with Rs100 crore fine, DGFT cancels import licence too
Moneylife Digital Team 14 January 2015

According to media reports, the Directorate General of Foreign Trade has slapped a fine of Rs100 crore on Riddhi Siddhi Bullions and also cancelled the bullion trader's import licence

 

The Directorate General of Foreign Trade (DGFT) has slapped a fine of Rs100 crore on Mumbai-based Riddhi Siddhi Bullions Ltd. The DGFT also cancelled import licence of the bullion trader. More details are awaited.
 
Earlier in September 2014, the Ahmedabad wing of the Enforcement Directorate (ED) arrested Rakesh Kothari, a nephew of Prithviraj Kothari, the managing director of Mumbai-based Riddhi Siddhi Bullion, in connection with the Rs7,000-crore hawala scam.
 
The ED has been probing a multi-crore hawala scam in which, till September 2014, a total of 79 people had been named in a chargesheet, including key accused Afroze Fatta and Madanlal Jain who have been booked under provisions of the Prevention of Money Laundering Act (PMLA). Fatta and Jain are currently in the ED's custody.
 
Last year in February, the Directorate of Revenue Intelligence (DRI) in Ahmedabad has detained gold jewellery of around 200 kg with a market value of around Rs60 crore. The gold belongs to five bullion traders -- Riddhi Siddhi Bullion Ltd (RSBL), Kundan Rice Mills Ltd, Zhaveri & Co, RBZ and one more, says media report.
 
A DRI official told Indiatoday.in: "Ninety kg of the jewellery belongs to Riddhi Siddhi Bullion owned by Prithviraj Kothari. Rest of the gold consignments belong to four other importers."
 
DRI alleged that these traders imported gold jewellery by playing "mischief" with rules and regulations in the Customs Tariff Act, the report says.
 
Comments
Rajni Naik
1 decade ago
But this order was immediately quashed by the Gujarat High Court, correct? The Court mentioned that the non bailable warrant issued was illegal!!!

See more at:
http://articles.economictimes.indiatimes...
Free Helpline
Legal Credit
Feedback