The Indian Customs and its Hong Kong counterpart have unearthed a major case of Trade-Based Money Laundering (TBML) involving Hong Kong-based exporters and Indian importers with the arrest of eight persons. About $65 million was laundered by the syndicate through import of cheap synthetic diamonds falsely declared as natural diamonds.
The Directorate of Revenue Intelligence (DRI) had initially busted the racket involving the import of cheap synthetic diamonds to a Special Economic Zone (SEZ) in India for remitting foreign currency abroad.
