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DRI busts gold export scam, 2 held


Date: 27-05-2019
Subject: DRI busts gold export scam, 2 held
MUMBAI: The DRI has busted a major racket in gold  export involving an Ahmedabad-based businessman who, in connivance with a government-approved valuer, exported inferior quality metal jewellery by declaring it as gold to various foreign countries, resulting in huge losses to the exchequer in terms of remittances. 

The DRI's Ahmedabad unit on Saturday arrested Vishal Choudhary, director of Royal Refinery Pvt Ltd. Nachiket Mavalankar, the government-approved jewellery valuer, was arrested on Sunday. 

On May 23, DRI officials examined a few consignments of Royal Refinery at the air cargo complex in Ahmedabad. According to the shipping bills, the company had sought to export nearly 13 kg of 22 karat gold jewellery. Mavalankar had issued certificates stating the purity of gold was 22 kt. 

On getting suspicious, the DRI called in another government-approved valuer. It transpired only two kg was 22 kt gold, while the remaining was some other inferior metal. In order to boost exports, the Government of India, under advance authorisation scheme, allows import of gold duty free against export of gold ornaments. 

DRI officials said the modus operandi was to bring in illegal remittances by showing export of gold jewellery. Probe has revealed the company has imported nearly 450 kg gold bars since January 2019 against export of only 160 kg of 22kt gold jewellery. 

Source: timesofindia.indiatimes.com

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