Gold bullion trader spotted in the list of black money holders

NEW DELHI (Scrap Monster): Rajkot based gold bullion trader Pankaj Chamanlal Lodhiya features among the list of black money account holders revealed by the Central government Monday. However, the gold trader denied having account in the Swiss bank. He stated that he was shocked to find his name in the list.

Lodhiya clarified that all his wealth has been disclosed before the Income Tax Department. Saying that he does not have a foreign bank account, Lodhiya also made it clear that he would follow all legal procedures to come out clean on this. Furthermore, he expressed his willingness to surrender the money, if found, in such deposits to the Government of India.

Lodhiya, 44, is the owner of Rajkot-based Shreeji Trading Company which is the key supplier of gold to the city’s jewelry industry. The company is involved in wholesale delivery of bullion to ornament manufacturers, goldsmiths, jewelers and semi-wholesalers. Established 15 years back, the company has branches in other major cities in India.

The company has two subsidiaries- Shreeji Ornaments Pvt Ltd which markets branded jewelry and Shreeji Realty which is into real estate transactions.

The gold trader is believed to be close to local political leaders. The Income Tax Department had raided Lodhiya’s residence during early-2013, but details of the operation were not revealed.