ED raids vault company, seizes Rs.9 crore
June 21st, 2011 - 11:10 pm ICT by IANSNew Delhi, June 21 (IANS) Enforcement Directorate (ED) sleuths raided a private vault company in the capital and recovered Rs.9.28 crore, according to an official.
The ED officials Monday night raided CP Vault Private Limited at Connaught Place in central Delhi following a tip-off and seized Rs.9.28 crore in cash, a source in ED said Tuesday.
The owner was allegedly operating almost 2,200 private vaults inside his basement shop in the inner circle of the market and the cash was recovered from his private cabin and almirahs, the source added.
“The raids continued till around 3:30 a.m. Tuesday,” he said.
The ED has registered a case under Foreign Exchange Management Act (FEMA) violations and alleged that owner Pankaj Kapoor had collected and routed huge amounts of cash this year to various international destinations like the UK and Dubai.
The ED also seized incriminating documents, client diaries, and a number of laptops and mobile phones, according to the source.
The company provide lockers to clients for keeping jewellery.
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