Kolkata, 13 July (H.S.) -

In a significant development in a high-value financial fraud case, the Enforcement Directorate (ED) has filed a prosecution complaint against Lichen Metals Private Limited (LMPL) and four others for alleged involvement in a gold import scam. The complaint, filed under the Prevention of Money Laundering Act (PMLA), 2002, was submitted before a special court in Kolkata.

According to ED, the case originated from a charge sheet earlier filed by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code and the Prevention of Corruption Act. The investigation revealed that LMPL, in collusion with officials of the State Trading Corporation (STC), orchestrated a fraudulent scheme involving the duty-free import of 2,000 kilograms of gold.

As per the ED’s findings, in July 2011, Shyam Sunder Kedia, on behalf of LMPL, approached the STC’s Kolkata office requesting permission for the import. However, the proposal had not been accepted by overseas bullion suppliers, a mandatory requirement under the agreement terms.

Despite this, STC officials, in alleged conspiracy with Kedia, split the original indent of 2,000 kilograms into two separate indents of 1,000 kilograms each. This move was reportedly intended to bypass the financial approval threshold of STC’s corporate office, allowing the transactions to remain under the discretionary powers of the branch manager.

Using these fabricated documents, STC officials fraudulently secured a forward exchange cover worth $100 million from the State Bank of India. The cover, designed to hedge against currency fluctuations, was availed even though no actual import of gold had taken place.

Within a short span, LMPL and STC officials sought cancellation of the exchange cover, leading to an alleged wrongful gain of ₹31.93 crore by LMPL. The ED had earlier provisionally attached movable assets worth the same amount on August 28, 2024, considering the proceeds to be derived from money laundering activities.

Describing the case as a well-planned criminal conspiracy, ED stated that public officials misused their positions, flouted norms, and facilitated private enrichment at the cost of public interest.

Hindusthan Samachar / Satya Prakash Singh