Enforcement Directorate (ED) officials suspect a lot of black money may have been illegally converted into gold through bullion traders. The ED is also probing the connivance of banks in the process.

The ED collected nationwide data on gold imports in November 2016 which reveals total gold imports that month stood at 66,000 kg. Of this, 25,000 kg sold in Delhi, 15,000 kg in Ahmedabad, 7,300 kg in Hyderabad, 7,000kg in Chennai, 6,200 kg Bangalore, 2,550 kg in Kolkata and 1,250 kg in ..