Gautam Adani’s Samadhi turns out to be a scammer… He has defrauded the government of crores of rupees, now he is living a life of luxury in London.

Jatin Mehta-Vinod Adani Gold Scheme Scam: The Gold Import-Export Scheme was started during the United Progressive Alliance (UPA) government of the Congress and continued for six months of the Narendra Modi government. The scheme was a scam, which has also been widely acknowledged by the Comptroller and Auditor General of India (CAG). Many companies imported and exported gold under this controversial scheme.

One of these was ‘Vinsome Diamonds’ of fugitive diamond trader Jatin Mehta, who is close to Gautam Adani’s elder brother Vinod Shantilal Adani. Jatin Mehta’s son Suraj Mehta is married to Vinod Adani’s daughter Kripa. In some investigations related to the Adani Group and reports by Hindenburg Research, allegations were made of transactions between Jatin Mehta and Vinod Adani through off-shore funds. The most important thing is that Rajesh Mehta’s name is also associated with this scheme.

What is 80:20 Gold Import Export Scheme?

There are many financial and legal issues that should have come to the fore at the time of creation of the 80:20 gold import-export scheme. A draft report of the PAC sub-committee in April 2019 specifically noted a change made to the scheme by the UPA government on May 21, 2014, a few days after the Modi-led NDA’s victory in the 2014 Lok Sabha elections on May 16, 2014, but five days before it formally assumed office on May 26.

This change also allowed big exporters to take advantage of the scheme. It is alleged that the changes made in the 80:20 Gold Import Export Scheme facilitated round-tripping of black money by manipulating invoices, which is said to have led to misuse of the scheme. This scheme was started to increase foreign exchange earnings from export of gold and jewellery.

Also read- Lottery started for jewelry buyers… Silver became cheaper by Rs 5800, gold also slipped by Rs 1850, check the latest rate.

The scheme did harm instead of benefit

CAG has confirmed in its report that there was no need for the 80:20 scheme. It has been said in the report that India suffered more loss due to exemption given to the exporting companies than the foreign exchange earned by India from the export of gold. This exemption was given to trading companies on payment of custom duty and other taxes. Even stronger things were said in the press release issued along with the CAG report.