Shri Krishna Jeweller at the centre of 330 crore scam

Hyderabad based managing director and four others arrested following export consignment fraud

: IJ News Service
09 May 2019 12:30 PM
Reference: 11757

Managing director of Shri Krishna Jeweller Pradeep Kumar along with four other have been arrested by the Directorate of Revenue Intelligence (DRI) for violating license agreements and diversion of 1100 kgs of gold amounting to a staggering 330 crore.

 

The violations were detected at the firm’s unit in the Raviryal SEZ on the outskirts of Hyderabad. In a bid to save 13 per cent on customs duty by way of diversion, DRI officials seized 21 kg of foreign market SEZ gold, 6.8 kg of gold jewellery, 491 kg of semi precious material and other items worth Rs 14.87 crore. The jeweller had a license to import gold and export ready jewellery pieces to foreign destinations. However, upon investigation it was revealed that the jeweller was exporting crudely made items with traces of gold instead of gold jewellery studded with semi precious stones as declared by the export consignment.

 

The consignment claimed that it contained 19 kgs of gold and 2 kgs of semi precious stones amounting to Rs 5.45 crore. In reality, there was just 565 grams of gold and 20.85 kgs of stones worth Rs 22.16 lakh in the parcel. The officials learned that the remaining gold which was to be part of the consignment was being diverted and sold in the local market. Several discrepancies were found in the stock held at SEZ unit and a unit at Banjara Hills.

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