Kolkata: Shree Ganesh Jewellery House Ltd promoter Nilesh Parekh has been arrested for fraud in diversion of over 1,700 kg of primary gold, the Directorate of Revenue Intelligence said on Friday.
Parekh was last year arrested by Central Bureau of Investigation in connection of defrauding a consortium of banks led by State Bank of India, for non-payment of loan to the tune of Rs 2,672 crore.
"We have arrested Kolkata-based Shree Ganesh Jewellery House's promoter on Thursday and he was produced before court on Friday. He has been remanded eight days of judicial custody," a DRI official said.
"Our investigation suggested that he was found to be actively involved in the fraud of diversion of primary gold of over 1700 kg among other violations like non-realisation of remittance on account of export of gems & jewelleries to the tune of Rs 7,500 crore," the official said. Intelligence was developed by DRI that the firm having several units in Manikanchan Special Economic Zone, Kolkata was involved in diversion of gold imported duty free on the strength of being a nominated agency and also in its capacity as a SEZ unit, a DRI statement said.