Surat: The Directorate of Enforcement (ED) on Thursday attached movable and immovable assets to the tune of Rs 1.12 crore of a bullion trader under the Prevention of Money Laundering Act (PMLA) in connection with a case registered during demonetisation in 2016.
The ED officials in Surat started investigation under PMLA based on the FIRs registered by the CBI against bullion traders Hemanshu Shah and Maharshi Choksi, and unknown bank officers of Surat People’s Cooperative Bank.
Investigation revealed that Shah, used bank account of another bullion trading firm Nirav & Co held in Surat People’s Cooperative Bank to deposit demonetised Specified Bank Notes (SBNs) worth Rs 36 crore during the demonetisation period. Immediately after the deposits were made, an amount of Rs 34.82 crore was transferred to the account of Shah’s firm Shah Manganlal Gulabchand Choksi.