KOZHIKODE: If you have taken the gold route to invest unaccounted money post demonetisation, then you are likely to land in big trouble. Enforcement agencies have launched a major mission following inputs that there have been unholy deals between gold traders and black-money hoarders in the state after November 8, 2016.
The agencies have started a pan national scrutiny of total gold imports to the country after demonetisation. Three jewellers in Kozhikode region are learnt to be under scanner. “It’s not the gold alone, the sale of diamond jewellery will also come under scanner. There has been high volume of gold imports in November alone,” said a senior officer of Enforcement Directorate (ED).
The Enforcement Directorate has tightened scrutiny and the details of all suspicious transactions are being monitored. The agencies have been collating and tallying the details of the gold sales at various places in the country with the gold imports between November 8 and December 31.
According to the officers, the sub regional office of MMTC in Kochi is said to have recorded an increase in gold imports in November and December 2016 compared to earlier months. The total import at Kochi sub regional office in 2016 was stated to be around 300 kg and the bulk was during November and December. “The figures indicates huge demand for gold post demonetisation. We are verifying the details to get a clear picture,”the officers added.
The ED has been on high alert following the arrest of two Axis Bank staff who allegedly operated in connivance with a group to convert demonetised currency into gold. As per norms, gold is imported into the country mostly through registered banks and private firms. ED officers also said they suspect many gold merchants have set up shell companies and demonetised currencies were deposited in accounts of these companies which were later wired to importers.