New Delhi: ED on Friday said it has seized a Gujarat-based agency as part of its probe into a money laundering case related to a ‘China-controlled’ mobile lending application. Three people have been arrested by raiding the company. The agency said that during this 49 lakh in cash and 93 Diamonds and gold worth crores have been recovered.

The matter is related to money laundering and fraud The investigating agency stated that Sagar Diamonds Limited, RHC Global Exports Limited, its directors Vaibhav Deepak Shah and their associates located at Surat, Ahmedabad and Mumbai 10 Locations were searched. This investigation is related to the criminal case registered against ‘Power Bank App’ (Mobile Application) under the Prevention of Money Laundering Act. Thousands of common people have been allegedly duped by this app.

Fraud done with the help of the app The ED said that the lending app was being operated “by Chinese nationals with the help of their associates Vaibhav Deepak Shah and Sagar Diamonds Limited in India”. The money received from this alleged fraud done with the help of the app went to BSE BSE listed company Sagar Diamonds Limited and others.

Allegations of sending money abroad by showing fake imports The probe agency said, “The units of several manufacturing companies located in Surat SEZ are involved in import/export of diamonds, precious stones and other precious metals by grossly inflating the prices and by showing fictitious imports Sending money abroad. “The agency said,” During the search, it was found that shares worth thousands of crores of rupees have been shown in the books and it has been found that their prices have been greatly inflated, while the actual value Approx 14 Crore It is Rs.”

The agency stated that synthetic coral was also shown as precious stones. The agency said that during the search 47 Lakh Rupees Cash, Diamonds, gold and other valuables worth crores, digital equipment, documents related to ‘fake’ import/export were found. ED informed that three people have been arrested and non-bailable warrants have been issued against some other accused

)EDGujaratPublished Date

Sat, Mar 4, 2023, 11: 17 AM IST