Alleged mastermind fails to show up

Mumbai: The Enforcement Directorate earlier last week issued summons to Manoj Punamiya, one of the alleged masterminds in the Zaveri Bazaar Bullion traders’ scam. Punamiya, previously arrested for his involvement in the money laundering scam related to former Jharkhand chief minister Madhu Koda, owns one of the four Zaveri Bazaar-based bullion trading firms recently raided by ED.

ED officials told The Asian Age that Punamiya had his hands in all four bullion firms raided. “While he owns only Balaji Bullions, that was also raided, we suspect that he is indirectly linked to all four trade firms. We are questioning the rest and also want to question Punamiya," said an ED source. The source added that summons had been issued to Punamiya earlier last week. “He did not appear despite the summons and we were told that he was out of town. We are consulting on the next step to be taken,” the source said.

ED officials said that the investigation had so far led them to at least Rs 70 crore deposited in various bank accounts owned by the bullion traders. “The employees of the trade firms revealed that a huge sum would be transferred into the account via RTGS and this would be converted to gold bullions. They would then receive a phone call which would give them details regarding a person who would come and collect the converted gold. The said person would come to the bullion trader’s office at a fixed time, collect the bullion, and leave," the officer explained.