On the basis of a complaint from the Customs Department, a case was filed against the private corporation and its director, as well as others, including the then-Customs Superintendent, private individuals, and unknown individuals. It was stated that the accused exported gold jewelry from India under the premise of a phony exhibition hosted by a UAE-based firm owned by the accused’s Director.
It was also claimed that the accused private company got certificates for such exports from the Gem & Jewellery Export Promotion Council (GJEPC). It was also claimed that the same jewelry was imported back into India as unsold jewelry after being declared falsely.
The Director of the said private company, with the assistance of his employees and dummy proprietor (who was paid a monthly salary by the said Director) and in collusion with said public servant, abused the reimport provision by bringing gold jewelry into India and declaring it as reimport(s) without obtaining the necessary clearance.
Earlier, searches were done at the accused’s residence. During the investigation, it was discovered that the accused had misused the Advance Authorisation Scheme and reportedly engaged in gold circular trading by diverting gold bullion to the gray market.
According to the declaration provided to the Customs Department, the gold jewelry shipped for exhibition purposes was re-imported to India by the accused private company or exported back to said private company situated in Delhi by a UAE-based corporation as unsold jewelry.
During the years 2018-2019, one of the accused allegedly traveled to Dubai 100 times from India. In 2019, the accused was apprehended at IGI Airport in Delhi and was allegedly found in unlawful possession of around 50 kgs of gold jewelry. The probe is still ongoing.