This is how old notes turned into gold

The Enforcement Directorate, investigating alleged money laundering by means of certain bullion sellers, jewellers and their customers put up demonetisation, has found in sure circumstances consumers and sellers who deposited massive sums of money of their accounts to have vanished.

apart from getting ready to guide a diamond trader for alleged hawala value Rs 1,500 crore, the company suspects a Mumbai-based totally bullion supplier has also facilitated laundering and layering for customers with unaccounted dollars. ET learns from sure investigative companies about how such transactions may have took place.

A consumer with unaccounted 500 and 1,000 notes buys gold bars from a longtime supplier. The supplier can provide gold for cash but does no longer deposit the identical with his bank. as a substitute, he provides the cash to an entity which specialises in producing pretend payments and setting up shell corporations

This entity splits the cash and deposits it into the shell firm debts. each and every shell company remits money thru RTGS to the gold dealer's account for purchase of gold. The dealer shows pretend bills of sale to these shell corporations, equal to the gold offered to the client in alternate for scrapped notes. each person advantages, the shell company owner takes a cut, while the administrators of the a couple of shell firms also get a minimize.

The seller earnings from promoting bars at a top rate to the market rate while the buyer with unaccounted cash converts these into gold. therefore, the shell company creator and entities behind these shell companies vanish.

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