Gemstone Fraud Unveiled: ED Raids in Kolkata
The Enforcement Directorate conducted raids in Kolkata related to an alleged foreign currency embezzlement involving gemstone sales. Investigations target a scheme where low-cost gemstones were sold at inflated prices, leading to a suspected Rs 350 crore financial scam. Efforts continue to trace those involved and the financial trail.
- Country:
- India
The Enforcement Directorate (ED) executed search operations in Kolkata on Wednesday, targeting an alleged foreign currency embezzlement tied to gemstone sales. This was confirmed by an official involved in the investigation.
Raids were carried out at a gemstone agent's residence in Salt Lake's CF Block and their office on Kiran Sankar Roy Road. The ED is scrutinizing documents and records related to the case, probing into accusations that inexpensive gemstones were sold at significantly marked-up prices.
Allegations emerged about a month ago, suggesting a financial scam involving approximately Rs 350 crore. The ED is actively working to uncover all individuals involved in the embezzlement, understand the mechanics of the operation, and trace the resulting money trail.
(With inputs from agencies.)
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- ED
- gemstone
- fraud
- Kolkata
- foreign currency
- embezzlement
- sales
- financial scam
- raids
- investigation
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