Surat : DRI uncovers shocking secrete in $64 million diamond Hawala Bust

Surat: The Directorate of Revenue Intelligence (DRI) has uncovered the involvement of a corporate house in a Rs. 500 crore diamond hawala scam with Hong Kong. The revelation emerged during the investigation into the $64 million diamond smuggling case linking Surat and Hong Kong.

“The presence of two diamond jewellery units belonging to this established group at the Surat Special Economic Zone (SurSEZ) came as a major surprise,” remarked a DRI official on condition of anonymity. “They have no major brand presence in the industry and maintain a low profile, making their participation in this racket even more suspicious.”

The DRI has already summoned the four individuals initially apprehended in the hawala racket in 2021 – Rakesh Rampuria, Sagar Shah, Vikas Chopra, and Chirag Bagdia – along with the owners of Carolina Trading India Company, the Surat-based entity allegedly facilitating the scam. This company is also suspected of harboring ties to the Hong Kong-based companies involved.

The news sent shockwaves through the industry, particularly due to the involvement of a renowned corporation whose name has not yet been officially disclosed. Their lack of visibility in the gem and jewellery marketplace, coupled with their alleged secretive operations, fueled further intrigue.

An official who participated in the raid on Carolina Trading India company in Sachin-based Surat Special Economic Zone said, “Through the Ministry of External Affairs, we have requested the Hong Kong customs authorities to take further action. We have sent the names and addresses of 24 companies in the Hong Kong SEZ that have exported and imported diamonds with Carolina”

Adding to the complexity, Surat SEZ already housed diamond units linked to fugitive diamond barons Mehul Choksi and Nirav Modi. This recent discovery raises concerns about potential systemic irregularities within the zone.

Despite repeated questioning by DRI officials, managers at the corporate house’s Surat manufacturing units remained tight-lipped about the nature and destination of their gem and jewellery exports, particularly those routed to Hong Kong. No official panchnama (inventory record) was conducted, further shrouding the details in ambiguity.

The DRI is currently gathering evidence and exploring the extent of the corporation’s involvement in the hawala scam. The investigation promises to be a long and intricate one, potentially shaking the foundations of the Indian diamond industry and exposing hidden networks operating within the seemingly impenetrable walls of corporate secrecy.