In the Power Bank App fraud case, the Directorate of Enforcement (ED) searched 14 locations related to M/s. Sagar Diamond Limited, a BSE-listed firm, M/s. RHC Global Exports Ltd, its director Vaibhav Dipak Shah, and their accomplices in Surat SEZ, Ahmedabad, and Mumbai.
In accordance with the Prevention of Money-laundering Act of 2002, ED looked into a Power Bank App scam FIR filed by the Delhi Police. Via this app, which is run by Chinese nationals in collusion with their colleagues in India, including Vaibhav Dipak Shah and M/s. Sagar Diamond Ltd., thousands of ordinary people have been defrauded.
The investigation turned up evidence that M/s. Sagar Diamond Ltd. and others had been in possession and control of the fraud’s proceeds of crime. An extensive overvaluation of the import/export of diamonds, gemstones, and other precious metals as well as the theft of money from domestic sources under the guise of fictitious imports were discovered at many production facilities of the businesses at Surat SEZ.
The stock, which had been overvalued by thousands of crores of rupees and had been recorded in the books of accounts, was discovered to have an approximate worth of Rs. 10 crores during the search. A low-value synthetic ruby was shown as a valuable jewel. Cash worth Rs. 25 lakhs, gold, diamonds, and other valuables worth Rs. 10 crore, digital gadgets, and paperwork pertaining to fake import and export have all been confiscated during the search. Three people have been detained in connection with the investigation thus far, and several non-bailable orders have been filed. There is now an ongoing inquiry.
