ED raids 6 'bogus' companies of bullion traders in Mumbai after suspicious transfers of Rs 69 crore

New Delhi: Enforcement Directorate officials in Mumbai carried out raids on Friday night and Saturday morning in six bogus companies that were used to transfer money into accounts of bullion traders. It was found that a whopping undisclosed amount of Rs 69 crores had been transferred to the accounts of the bullion traders. The entire process of transferring began last month after Prime Minister Narendra Modi in a sudden address to the nation announced the scrapping of high denomination notes last month.

• The transactions were allegedly made through bogus companies.
• Enforcement Directorate sleuths suspect that these money transfers were actually an attempt to convert black money into white illegally.
• The companies where raids have been conducted are suspected to be owned by Bullion Traders.
• The money that had been transferred into the accounts of bullion traders through bogus companies was for buying gold and silver.
• The raids were conducted on the basis of the information received by ED that black money was being illegally converted into white and that a huge amount of money had been sent to four Bullion Traders in Mumbai.
• After instructions given by ED Director Karnal Singh, a team was formed on Friday evening which carried out raids at the four companies at the same time.
• It has been found out that Rs 69 crores had been transferred to the accounts of the traders with the help of bogus companies.
• The Enforcement Directorate and other sources had been keeping a close watch on these money transfers that had been taking place for a month now.
• Out of all the accounts, only one account with Rs 1 crore has been unearthed which has been freezed as of now.
• The rest of the sum allegedly has been sent to various jewellers to buy gold.
• Investigations are on wherein a search operation for the owners of the bogus companies is also underway.
• Notably, this case once again proves the involvement of bank officials in the illegal conversion of black money.
• Raids are also being conducted in the city's Zaveri Bazaar.