India: How jewellers misused the 80:20 gold import scheme for money laundering

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March 2 2018

An 80:20 gold import scheme that was launched under the tenure of former finance minister, P Chidambaram was allegedly misused by jewellers including Nirav Modi, members of the Public Accounts Committee have found.

The report of the Comptroller and Auditor General clearly indicated that the scheme was used by jewellers including Choksi for “round-tripping of black money and money laundering.