431 kg gold, silver seized after raids on bullion firm

New Delhi, September 14

The Enforcement Directorate (ED) today said it has seized 431 kg of gold and silver worth more than Rs 47 crore after it searched secret lockers of a bullion company as part of its probe under provisions of the Prevention of Money Laundering Act (PMLA) in a case linked to alleged bank loan fraud.

The agency in an official statement said the premises of Raksha Bullion and Classic Marbles were raided in connection with the case against a company called Parekh Aluminex Ltd. During the raids, keys of some “private lockers were found on the premises of the bullion company,” it added.

“Upon searching the private lockers, it was found that the locker operation was being done without following proper norms. No KYC was followed and there was no CCTV camera installed at the premises and there was no in-and-out register,” the ED said, adding that it had 761 lockers of which three belonged to Raksha Bullion.