ED arrests bizman for smuggling gold
kolkata: The Enforcement Directorate (ED) arrested a businessman for his alleged involvement in gold smuggling. The businessman Sanjay Agarwal allegedly siphoned off huge amount of money.
He was evading arrest for the past several months. On Sunday, he was nabbed from Pune under the prevention of Money laundering Act (PMLA) while he was attending a marriage ceremony. He was produced at the Special PMLA court, Kolkata on Monday and remanded to ED custody for seven days.
According to sources, Agarwal had imported duty-free gold for the purpose of export but did not follow it.
Instead of exporting the gold, he sold it in the domestic market. It had been alleged that Agarwal committed the crime with help of some of his associates. ED had registered the case under the PMLA on the basis of the probe conducted by the Directorate of Revenue Intelligence (DRI) under the Customs Act. ED found that Agarwal used the money to buy immovable properties in other persons' name which he earned by selling the gold in the market illegally.
Agarwal was absconding for the past six months since his arrest warrant was issued by the Special PMLA court, Kolkata.
The businessman had appealed for his anticipatory bail in the Calcutta High Court, which was rejected.
Earlier, one of his associates was arrested by the ED. The Central agency had also attached around 54 kg gold along with immovable properties around worth Rs 25 crore.