NIA finds no wrongdoing by Krishna Hing and its promoters in Nadiad: Company statement

Nadiad: The promoters of Krishna Hing have issued a statement regarding the NIA (National Investigation Agency) raids conducted at their office and home premises at Nadiad in Central Gujarat last week. The New Bharat Hing Supplying Company has clarified that the NIA found no wrongdoing by the company and its promoters.

The statement reads, “This is in reference to an inquiry and search procedure at the premises of the promoters of Krishna Hing, Nadiad. The NIA team visited the factory and residential premises on September 5, 2022. At the end of the inquiry, the NIA team exonerated promoters of Krishna Hing and also found no wrongdoing on the part of the company in any of its financial/administrative transactions.”

The company also said that its owner came under the radar of the NIA due to certain financial transactions for the import of asafoetida consignments from Afghanistan. It’s worth noting that India is fully dependent on Afghanistan for asafoetida (Hing).

The inquiry includes many Mumbai and Delhi-based asafoetida & dry fruits importers whose payments are also made through the same channel.

Apart from this statement, the promoters said they do not wish to share any other details as the NIA is still probing the case from various angles.

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Full text of the statement by New Bharat Hing Supplying Co. :

Respected Sir/Madam,
This is in reference to an inquiry and search procedure at the premises of the promoters of Krishna Hing, Nadiad. The promoters, as law-abiding and responsible citizens, cooperated with NIA team which visited the factory and residential premises on September 5, 2022.At the end of the inquiry, the NIA team exonerated promoters of Krishna Hing and also found no wrong doing on the part of the company in any of its financial/administrative transactions.
The promoters came under scrutiny of the agency due to certain financial transactions for payments towards import of asafoetida consignments from Afghanistan. The inquiry includes many Mumbai and Delhi based asafoetida & dry fruits importers whose payments are also made through same channel.
This is to further clarify that promoters of Krishna Hing possess appropriate fiduciary approvals to initiate such transactions permitted under Indian laws.
At this point, promoters do not want to offer any other comment apart from this statement or want to share any other details about the investigation as NIA is still into the process of probing various angles as part of its overarching investigations.
Once again, the promoters reiterate that NIA has found no wrongdoing by the Company and its promoters.
Krishna Hing Brand Name and The New Bharat Hing Supplying Company is a family owned business registered in 1957 but the family-owned business spread its roots in pre-independence era.
The company started importing raw Hing f om Afghanistan in the year 2008 on regular basis and benchmarked compounded Hing business which made Krishna Hing a trusted household name in Gujarat. Last year, the company imported approximately 200 MT of raw Hing for wholesale consumption of many reputed Hing and masala brands all over the country.
Hing is a traditional spice and medicinal plant gum that is for centuries grown in the mountains of Afghanistan and in Iran. Indian traders traditionally import from these countries.
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