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In a significant move against financial irregularities, the Enforcement Directorate (ED) recently conducted search operations under the provisions of FEMA, 1999, at multiple locations, including the premises of M/s. Sharanam Jewels LLP, promoter Avadh Harshad Yagnik, and associates like M/s. Vansh Marketing in Ahmedabad, Surat, and Dhubri.
The ED initiated the investigation based on credible information that suggested the involvement of these entities in large-scale foreign exchange transactions, raising concerns about outward remittances totaling Rs. 2,284 Crore for the settlement of import invoices.
“During the search, it was discovered that M/s. Sharanam Jewels LLP operates a unit at the Special Economic Zone (SEZ) in Surat, primarily engaged in the import-export of gems and jewelry. Astonishingly, the entity reported import-export activities amounting to Rs. 3,700 Crore in the last two years. However, a stark inconsistency surfaced during the physical verification of the stock, revealing a meager worth of Rs. 19.70 lakh compared to the claimed closing stock of Rs. 520 Crore in the entity’s books”.
The ED’s investigation delved deeper, exposing that M/s. Sharanam Jewels LLP and its associate, M/s. Vansh Marketing, in collaboration with other shell entities, facilitated accommodation entries exceeding Rs. 5,000 Crore. These entries were made through a complex web of transactions, masquerading as imports and exports.
The ED seized various incriminating documents and digital devices during the search operations. Additionally, the bank accounts of the entities involved, with a collective balance of Rs. 1.14 Crore, have been frozen, marking a decisive step in curbing financial malpractices. The ongoing investigation underscores the ED’s commitment to ensuring transparency and accountability in financial transactions, particularly those involving large-scale forex movements and intricate financial maneuvers.
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