Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Dubai-based gold trader named in reports filed with US Treasury's FinCEN

Dubai-based gold trader named in reports filed with US Treasury's FinCEN

As many as 152 transactions between Indian companies and Dubai-based Kaloti were red-flagged as suspicious to FinCEN
Dubai-based gold traders and refiners Kaloti Jewellery Group’s dealings with three Indian companies have figured in several transactions red-flagged by banks to US Treasury’s Financial Crimes Enforcement Network (FinCEN).

The combined amount involved in alleged transactions through three international banks involved billions of dollars, according to information obtained by US news portal BuzzFeed.

Met Trade India, now renamed as Metenere Ltd, Jai Gurudev Industries & Warehousing, one of the companies of Mumbai-based Rajsi Group, Chennai-based Surana Corporation are the Indian companies, while Dubai-based Bafleh Jewellery, owned by Indian businessmen Ramesh Bhogilal Vora and his son Chirag Ramesh Vora, are the entities reportedly involved in the dealings with Kaloti Jewellery Group.

Arabian Business has contacted Kaloti Jewellery Group and Bafleh Jewellery for their responses.

Bafleh responded online to Arabian Business’ query, saying: "We will get back as soon as we can" and our story will be updated on receipt of its response.

While Kaloti Group is yet to respond to Arabian Business, Indian Express quoted the company as saying in response to a detailed questionnaire sent by the International Consortium of Investigative Journalists (ICIJ) that it owed “legal duties of confidentiality” to its customers and so was not in a position to disclose the information being sought.

Kaloti Group also claimed that it had “remained fully compliant with all legal and regulatory requirements relating to its business and all transactions” and that checks on all clients are regularly reviewed and updated.

Kaloti Group also told ICIJ that it had ceased trading with Surana Corporation in 2013.

As many as 152 transactions of Indian companies with Kaloti were red-flagged as suspicious to FinCEN according to Suspicious Activity Reports (SARs) filed by Deutsche Bank Trust Company Americas, Royal Scotland Bank and Standard Chartered Bank, New York.

While Deutsche Bank Trust Company Americas reported 3 SARs, red-flagging 55 transactions between February and September 2013, in which Kaloti received $47.96 million from Delhi-based Met Trade India Limited, an SAR filed by RBS, Connecticut, on October 1, 2013 red-flagged 65 “suspicious” transactions between September 2012 and August 2013 for $4.44 million involving Amico, General and Jai Gurudev, all part of the Mumbai-based Rajsi Group, which mainly exports agri commodities.

An SAR filed by Standard Chartered Bank, New York on October 17, 2012 noted that Surana Corporation, now under liquidation, made 31 transactions for $74.72 million from October 2009 through December 2011 with Kaloti, Indian Express reported.

Deutsche Bank (Americas) and Standard Chartered Bank, NY have also red-flagged thousands of transactions between Kaloti and Dubai-based Bafleh Jewellery, involving amounts totaling about $7.8 billion.

According to reports, the Deutsche Bank red-flagged transactions between Koloti and Bafleh took place mainly between June-September 2012, while Standard Chartered reported transactions occurred between January 2008 and August 2012.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×