Granite export from Karimnagar: ED grills more suspects

Hyderabad: The Enforcement Directorate questioned more suspects in connection with alleged irregularities in granite export from Karimnagar via the sea route. The officials grilled them after collecting bank account statements related to the granite firms.

The agency officials have seized documents related to business activities of the Swetha Granites, Swetha Agencies, Sri Venkateshwara Granites Private Limited, PSR Granites Private Limited, Arvind Granites, Giriraj Shipping Agencies Private Limited and their related entities in Karimnagar and Hyderabad to investigate and unearth evidence pertaining to FEMA violations.

The companies exported rough granite blocks to China, Hong Kong, and other countries. During the course of inquiries, it was found that exported quantity was more than the quantity on which royalty was paid and there was underreporting of quantity while exporting.

In many instances, the export proceeds were not realised in the declared bank accounts, thereby, indicating that the export proceeds are received through channels other than banking.

The ED also found largescale evasion of seigniorage fee that was transported to the ports on the railway network.