The High Court of Telangana, Justice B Vijayasen Reddy on Tuesday directed the counsel for Enforcement Directorate to clear instructions from ED for freezing of bank accounts of Sri Krishna Jewellers.
The Officers of Directorate of Revenue Intelligence, Hyderabad onMay 03, 2019 had carried out a search on the premises of Sri Krishna Exim, Hyderabad and Sri Krishna Jewellers, and issued showcause notices.
On October 07, 2021, the ED carried out search below the Prevention of Money Laundering Act (PMLA) on the enterprise premises of the petitioners in relation to the aforesaid DRI investigation.
The ED alleged that 1,800 kg gold was smuggled and Rs 700 crore cash laundering occurred.
Petitioners counsel knowledgeable the court docket that if the enterprise operations of the petitioners aren’t commenced instantly, then the businesses will go into liquidation as they’re present process big losses day by day.
The Officers of Directorate of Revenue Intelligence, Hyderabad :
On May 03, 2019 had conducted a search at the premises of Sri Krishna Exim, Hyderabad and Sri Krishna Jewellers, and issued showcause notices.
The Prevention of Money Laundering Act (PMLA) at the business premises of the petitioners in relation to the aforesaid DRI investigation.The ED alleged that 1,800 kg gold was smuggled and Rs 700 crore money laundering occurred.
The petitioners are not commenced immediately, then the companies will go into liquidation as they are undergoing.