CA accused of smuggling diamonds and gold worth Rs. 348 crores denied bail by the court

CA, who is accused of smuggling diamonds and gold worth Rs. 348 crores, was denied bail by the court. Ravindra Kumar, a resident of Jhunjhunu, and Omprakash, a resident of Ajmer, have been placed in judicial custody until December 9, and the arrested businessman’s bail application will be considered on Wednesday.

The case was investigated after a bank provided information about overseas remittances made by certain enterprises registered in Jaipur against ‘non-physical goods.’ The claimed firms were found to be fraudulent after investigations revealed that they had carried out fictitious transactions using false certificates issued by the CA.

Investigations indicated that the remittances were most likely made to cover illegal gold and diamond imports. M/s Belstar Techno Solutions (OPC) Pvt. Ltd. and many more organisations were found non-existent at several locations like Jaipur, Beawar, Vijaynagar, Surat, Mumbai, Visakhapatanam, and Bhubneshwar.

These commodities were smuggled in from Gujarat and Mumbai and paid for in Hong Kong and the United Arab Emirates by IT businesses that only existed on paper in Rajasthan. Officials believe the group made thousands of crores through the gold and diamond smuggling scam. Kumar had issued 310 remittance certificates and remitted money abroad from 14 branches of 11 banks. Payment for smuggled gold and diamonds was sent to Hong Kong and the United Arab Emirates based on these. The two companies whose accounts were used to send the smuggled products are both based in Jaipur.