The Enforcement Directorate is conducting searches at multiple premises linked to an export-based company in Bengaluru and Mumbai. According to the agency, searches are currently underway at nine locations. Preliminary findings from the investigation indicate suspected irregularities in share transactions. Officials have found that shares of the company were allegedly traded through benami entities, with more than 20 million US dollars reportedly siphoned out of the country.

 

 

The Enforcement agency has also detected discrepancies in gold stock records. Physical verification during the search reportedly revealed that the actual gold inventory was around 40 per cent lower than what was declared in the company’s books. Meanwhile, several financial transactions are under scrutiny. Investigators are examining cases where trade receivables worth nearly three thousand crore rupees were allegedly set off against gold imports, the delivery of which is considered doubtful.

 

The ED is also probing overseas direct investments linked to the company. Sources say over one thousand crore rupees were reportedly invested in gold mining ventures in Africa, but these investments do not appear in the books of its subsidiaries. In addition, the Enforcement agency is examining the netting off of trade receivables and payables amounting to around 3,000 crore rupees involving multiple foreign entities based in the UAE, whose credentials are under scrutiny.