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
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