1. Shocking! Gold worth Rs 2700 crore bought in Hyderabad post-demonetisation

Shocking! Gold worth Rs 2700 crore bought in Hyderabad post-demonetisation

The channels reported that a sudden spurt in bullion market is being seen, adding that 1,500kgs of gold between December 1 and 10.

By: | New Delhi | Updated: December 18, 2016 1:15 PM
gold brought, gold purchases, gold purchase in hyderabad, gold im hyderabad stores, 2700 crore gold in hyderabad The channels reported that a sudden spurt in bullion market is being seen, adding that 1,500kgs of gold between December 1 and 10.

Enforcement Directorate (ED) has discovered that gold biscuits worth Rs 2,700 crore in cash were bought in Hyderabad from the period of November 8 to November 30, India Today reported on Sunday. The channel also reported that Rs 8000 cr cash was imported to Hyderabad.  Another report on same, quoting ED sources, said that persons who did the purchase went underground thereafter. The channels reported that a sudden spurt bullion market is being seen, adding that 1,500kgs of gold between December 1 and 10.

In another report, Musaddilal Jewellers have claimed that they received demands and advance payments and sold the gold to 5,200 customers and made Rs 100 crore and that the business was transacted till the midnight of November 8-9.

Also Read: Demonetisation: This Delhi outlet recorded Rs 75 crore sales, all in cash, on November 8

It was reported that gold as bullion was imported into Hyderabad through companies like MMTC, MD Overseas Ltd, State Trading Corporation Diamond India, and banks like Axis, Indus Ind, Yes Bank, ICICI, SBI, HDFC and Kotak Mahindra, The Bank of Nova Scotia etc.

In another such incident, a Delhi-based firm had come under ED scanner after it sold Rs 100 crore gold from its three outlets in 4 hours on November 8.  As per Indian Express sources, Kundan Care Products Ltd (KCPL) sold around 200-250 kg of gold from these outlets on the night of November 8th, just withing the period of four hours, between 8-12 pm.

 

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