The Enforcement Directorate (ED) has attached worth Rs.130 crore of assets in a money laundering case associated with financial wrongdoing during the demonetisation which took place in 2016. Many assets of Hyderabad-based jewellers were attached.
The ED took action against Mussadilal Jewellers Pvt. Ltd, Mussadilal Gems and Jewels Pvt. Ltd, and Vaishnavi Bullion Pvt. Ltd. The total value of the property attached is Rs.130.57 crore, including investments in jewellery and shares, 41 fixed properties and bullion that is worth Rs.83.30 crore according to the ED. An FIR was filed by the Telangana Police and the attachment is done under the Prevention of Money Laundering Act (PMLA).
The ED said that the jewellery houses created fake evidence to show that almost 6,000 customers bought jewellery from them between 8pm to 12am after the demonetisation exercise was announced.