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Trader Accused of Evading Tax on $14m of Gold March 17, 21 by John Jeffay (IDEX Online) - A trader has been arrested on suspicion of diverting duty-free gold worth almost $14m back into India s domestic market. Preet Kumar Agarwal is accused of re-directing 250kg of gold after it had been formally cleared by airport Customs officers for export, thus evading tax. He was arrested last Thursday under the Prevention of Money Laundering Act. India s Enforcement Directorate (ED) also raided five locations in Hyderabad last week, among them Ghanshyamdas Gems & Jewels, owned by his father Sanjay Kumar Agarwal. The Times of India quotes ED officials as saying: Instead of bringing (the consignment) to Dubai, Preet Kumar passed on the boxes containing the gold jewellery to his father Sanjay, who was waiting outside the airport. ....
One held for alleged diversion of gold meant for exports Updated: Updated: The accused has been identified as Preet Kumar Agarwal Share Article The accused has been identified as Preet Kumar Agarwal The Enforcement Directorate has arrested a person in connection with the alleged diversion of gold jewellery weighing about 250 kg, which was meant for exports. The Directorate of Revenue Intelligence had earlier probed the case. The accused has been identified as Preet Kumar Agarwal. He was arrested following ED searches at five locations in Hyderabad. According to the agency, the gold was procured duty free by the accused persons from the nominated agencies like MMTC, State Trading Corporation of India Limited and Diamond India Limited. It was being sold illegally to various persons in the domestic territory to evade Customs duty and also to generate and launder huge proceeds of crime, it said. ....