It could easily be one of the most prominent actions after the demonetization decision of the central government. The Enforcement Directorate on Friday arrested a Mumbai-based bullion trader for allegedly purchasing a whopping 258 kg of gold in about a month’s time post demonetisation using tainted money. The central probe agency said it arrested “Chandrakant Narsidas Patel of M/s Pushpak Bullions Private Limited for money laundering in the post demonetisation period”, under sections of the Prevention of Money Laundering Act (PMLA).
The agency called Patel as the mastermind in this money laundering scam. The Enforcement Directorate (ED) said in a statement that it was found that cash to the tune of Rs 84.5 crore were deposited in the account of companies– M/s Pihu Gold and M/s Satnam Jewels– post demonetisation. “The said amount was deposited in cash within a short span of 41 days between November-December 2016. The said funds were subsequently transferred to the account of Pushpak Bullions and further used towards purchase of 258 kg gold bullion,” it said. The ED said the account of Pushpak Bullion was “already a declared non-performing asset (NPA) by the bank concerned”.