Gold worth Rs 2,700 cr bought with demonetized notes in Hyderabad until Nov 30


New Delhi, Dec 18: The Enforcement Directorate (ED) probe has disclosed that after demonetization until 30th November gold biscuits worth Rs 2,700 crore were bought with demonetized notes in Hyderabad.

After this, the person who bought the same went underground. According to ED sources, 8,000 kgs of gold was imported into Hyderabad from November 8 to November 30.

“That all this was sold can be ascertained from the fact that there was fresh import of 1,500 kgs of gold between December 1 and 10. There is a sudden spurt in the bullion market and those with high stash of the demonetised currency are buying gold from bullion traders and jewellers in Hyderabad,” the sources said.

The ED and IT officials are now examining whether gold traders accepted old cash after they are demonetised on November 8, and if they did so, would be against the rules. Musaddilal jewellers in Hyderabad have claimed that they received demands and advance payments and sold the gold to 5,200 customers and made Rs 100 crore and that the business was transacted till the midnight of November 8-9.

“We noticed that efforts were made to erase CCTV footage in the jeweller’s shop. When we verified CCTV footage of neighbouring shops, there is no record of customers entering Musaddilal jewellers that night,” sources said.

Wefornews Bureau

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