ED Arrests Ashok Goel in Money Laundering Case Linked to Shree Raj Mahal Jewellers.
27 September 2024
The Directorate of Enforcement (ED) arrested Ashok Goel on September 27, 2024, as part of a money laundering investigation involving Shree Raj Mahal Jewellers Pvt Ltd (SRMJPL) and its directors, following FIRs filed by the CBI. SRMJPL is accused of taking loans amounting to ?125 crore from a banking consortium led by the Bank of India, which were allegedly misused and defaulted on, leading to losses of approximately ?232 crore for the banks.
Investigations revealed that funds were diverted for personal investments in real estate rather than business activities, with hypothecated stock reportedly siphoned off through fictitious sales to shell companies, many of which were either non-existent or had transactions that did not occur. Some shell entities were linked to the promoters’ relatives, indicating a systematic effort to obscure the true ownership of assets and impede recovery efforts by banks and enforcement agencies.
The ED conducted searches at various locations associated with SRMJPL, seizing luxury vehicles and valuable assets. They have also attached properties worth approximately ?94.18 crore from SRMJPL and ?13.43 crore from its group company, Ginni Gold Pvt Ltd, beneficially owned by the promoters. The investigation is ongoing.