The Enforcement Directorate (ED) has seized around 26 kilograms of bullion worth over Rs. 14 crores in a major crackdown on a bullion dealer in Chennai. The dealer, identified as Anee Bullion, was found to have engaged in illegal activities, including money laundering and hawala transactions.
According to a press release issued by the ED, Anee Bullion has been under the agency’s scanner for some time, and the recent seizure of the bullion was a result of a thorough investigation. The ED has also identified several shell companies and bank accounts allegedly operated by Anee Bullion, which were used for illegal transactions.
The ED has alleged that Anee Bullion was involved in money laundering and hawala transactions, whereby large sums of money were illegally transferred to various destinations, including foreign countries. The bullion dealer was also found to be involved in the illegal import of gold and other precious metals, which were then sold in the domestic market.
The ED has stated that the seizure of the bullion is a major blow to the illegal activities of Anee Bullion and its associates. The agency has also urged the public to be cautious while dealing with such dealers and to report any suspicious activities to the authorities.
The ED’s crackdown on Anee Bullion is part of its wider efforts to curb illegal activities in the bullion and jewellery industry. The agency has been stepping up its enforcement actions in recent years, including conducting raids and seizures of illegal assets.
The bullion and jewellery industry is a major contributor to India’s economy, but it is also prone to illegal activities, such as smuggling, money laundering, and tax evasion. The ED’s actions are aimed at curbing these activities and promoting transparency and accountability in the industry.