New Delhi (Sputnik): India’s Directorate of Revenue Intelligence (DRI) had found that a Hong Kong-based Indian diamond merchant fiddled invoices so as to launder money by importing overvalued diamonds.
India’s key probe agency, the Central Bureau of Investigation has indicted 17 people and companies, including diamond merchant Girish Kadel along with three customs officers for being involved in “trade-based money laundering” by overvaluing imported diamonds worth $21 million, officials said on Tuesday.
According to a senior agency official, the Directorate of Revenue Intelligence (DRI) found Hong Kong-based businessman Kadel imported diamonds from Switzerland to Hong Kong using four different companies.
After the DRI found that three custom officials were allegedly involved, the case was referred to the agency, the officer said.
The agency said that Kadel along with his associates imported the diamonds at high value in order to siphon off the excess foreign exchange.
Sourse: sputniknews.com
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