ED conducts searches in Kolkata in gemstone-linked forex probe

Kolkata, Oct 8 (PTI) The Enforcement Directorate (ED) on Wednesday carried out search operations at two places in the city in connection with their probe into alleged foreign currency embezzlement through the sale of gemstones, an official said.

ED officers raided the residence of a gemstone agent at CF Block in Salt Lake and also visited the person’s office on Kiran Sankar Roy Road in Kolkata, the official said.

"The search operations are being conducted at the residence and office of an agent in Kolkata in connection with this case. Our officers are examining various documents and records," the official told PTI.

About a month ago, allegations surfaced that low-cost gemstones were being sold at highly inflated prices. Later, accusations of a financial scam amounting to around Rs 350 crore surfaced. Acting on the complaint, the ED launched operations across multiple cities.

"Efforts are underway to identify all those involved in the foreign currency embezzlement and find out how the racket functioned, and trace the money trail," he added. PTI SCH MNB