The Directorate of Revenue Intelligence (DRI) has blown the lid off more than $ 88.82 mn money laundering racket involving diamantaires from Surat and Hong Kong, according to a report in Free Press Journal.
Official sources said they ran the racket in the guise of importing and exporting synthetic diamonds from the Surat Special Economic Zone (SurSEZ).
The money laundering racket came to light when three persons running a jewellery manufacturing unit, Karolina Trading Private Limited, were caught illegally diverting cut and polished diamonds valued at around $0.18 mn from SurSEZ to the domestic tariff area (DTA) on December 9.
On 14 December, the DRI produced the three at the Surat District and Sessions Court, which granted a two-day custodial remand to them. The accused were in touch with unknown people in Hong Kong, and they were acting on their instructions received on a Whatsapp group.
Since they launched the unit in the SEZ, the accused had imported synthetic or lab-grown diamonds in the guise of natural cut and polished diamonds worth about $135.47 million and that they made remittances to the tune of around $90 mn.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Exclusive
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
