Bullion trader News

Shah used the photo and identity proof of one Nirav Rashmikant Shah of M/s Nirav & Co and illegally utilized the bank account for depositing demonetized SBNs He channelized the unaccounted black money into the banking system, said the ED The Surat bullion trader further utilized an amount of Rs 2.20 crores out of the illegally routed demonetized notes

The investigation further revealed Madanlal Jain, the main conspirator, had earned commission for his role in the illegal transactions of foreign remittances made on the strength of fake bills of entry Part of the said commission so earned was routed to the bank account of M/s NAC Jewellers (P) Ltd, company controlled by Anantha Padmanaban to the tune of Rs 7 crores The probe also established that this transaction has been carried out by N Anantha Padmanaban with full knowledge that the money so received was tainted

Rajkot-based bullion trader Pankaj Lodhiya, whose name figured in the list of black money account holders submitted by the Centre to the Supreme Court, today appeared before the Enforcement Directorate (ED) here and submitted documents related to his banking transactions.