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A possible scam was under way in silver imports from the UAE through GIFT City. To address this, customs authorities there have stopped clearing all consignments of silver. This possible overreach might actually let the scamsters off. https://t.co/X14jVjKrD7
Our lead story today on how GIFT City may be botching up its response to the silver scam This time's Game Point on Lamine Yamal, the palmipsest. https://t.co/cyY1nh4aYs https://t.co/62okmHJ3La
Big story by @AbirDasgupta101 for @MorningContext on why $1.6B of silver-import from UAE happened via GIFT City this year when all other Indian ports combined saw only $33M. GIFT is truly a gift. https://t.co/2UVSsTlSJE
India has significantly increased its silver imports this year. However, an exclusive report reveals a potential silver import scam involving Delhi’s M D Overseas, Mumbai’s Augmont Enterprises, and Dubai-based exporters. In response, GIFT City has halted clearing all silver consignments. The total value of silver imports through GIFT City from the UAE reached $1.6 billion this year, while other Indian ports combined saw only $33 million in silver imports. Concerns have been raised that GIFT City’s response to the scam might inadvertently allow the perpetrators to escape accountability. The report was authored by AbirDasgupta101.
