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ED raids jewellery co promoters in Kolkata

Central agency sources said that the company imported around 36,00 kg gold free of any duty between 2005 and 2015 and exported much less than that. The jeweller continued with such operations till the agencies cracked down on his companies. He had fled India after the CBI registered a case against him in 2016.The company was on an acquisition spree during 2011-12, when it brought two foreign jewellery brands. The fraud was perpetrated by availing credit facilities from banks under the garb of jewellery exports, they added.On Thursday, ED sealed four premises and seized several documents, including property papers, bank account details and cash books. Investigators said that the company used these foreign companies to hoodwink its illegal transactions.