ED searches premises in Gujarat, Assam on charges of suspicious outward remittances
Dec 27, 2023
New Delhi [India], December 27 : The Enforcement Directorate (ED) has conducted search operations under the provisions of the Foreign Exchange Management Act (FEMA) of 1999 at the premises of Sharanam Jewels LLP, 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.
In a release, ED said it initiated an investigation 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 the invoice.
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 the last two years, the entity imported and exported 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 said.
The ED investigation further revealed that Sharanam Jewels LLP and its associate Vansh Marketing, with the help of other shell entities, have provided accommodation entries worth over Rs 5,000 crore to various persons or entities through a web of complex transactions in the garb of imports and exports.
During the course of the search, various incriminating documents and digital devices have been found and seized. Bank accounts of the involved entities with balances to the tune of Rs 1.14 crore have been frozen.
