Court refuses to give bail to a CA accused of smuggling diamonds and gold worth Rs. 348 crore

The judge denied bail to CA, who is accused of smuggling diamonds and gold worth Rs. 348 crores.

The Chartered Accountant (CA) Ravindra Kumar, a resident of Jhunjhunu, and Omprakash, a resident of Ajmer, were placed in judicial custody until December 9, and the arrested businessman’s bail request will be considered on Wednesday.

The subject was brought up for inquiry based on information acquired from a bank involving overseas remittances made by certain enterprises established in Jaipur against ‘non-physical goods.’ Investigations revealed that the aforementioned organisations were fraudulent and had engaged in fictitious transactions using false certificates issued by the CA. Investigations found that the remittances were most likely made in exchange for illegal gold and diamond imports. Searches were undertaken in Jaipur, Beawar, Vijaynagar, Surat, Mumbai, Visakhapatanam, and Bhubneshwar, and M/s Belstar Techno Solutions (OPC) Pvt. Ltd. and many other organisations were discovered to be non-existent.

These products were trafficked by Gujarat and Mumbai business people and paid for in Hong Kong and the UAE by IT businesses that existed only on paper in Rajasthan.

Officials suspect that the group made thousands of crores through this scam including gold and diamond smuggling. Kumar had issued 310 remittance certificates and remitted money abroad from 14 branches of 11 banks. Payment for smuggled gold and diamonds was routed to Hong Kong and the UAE based on these. The two companies whose accounts the illegal goods were sent from are both based in Jaipur.

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