(IDEX Online) - Three people have been arrested in a series of raids in India at premises linked to the manufacturer and exporter Sagar Diamond Limited.The Directorate of Enforcement (ED)said it was investigating money-laundering claims relating to a China-based app called Power Bank, listed on Google Play Store, which offered investors returns of up to 10 per cent, then blocked their accounts.A number of manufacturing units were "involved in exorbitant overvaluation of import/export of diamond, gemstones and other precious metals and siphoning of funds abroad in the garb of bogus imports," said the ED in a statement.Raids were carried out at 14 locations in the Surat SEZ (special economic zone), Ahmedabad and Mumbai. Gold, diamonds and other valuables worth $30,000 were seized.The ED said thousands of people have been cheated through the app, managed by Chinese nationals in connivance with associates in India, including Vaibhav Dipak Shah and M/s. Sagar Diamond Ltd.Shah is a director and majority shareholder of Sagar. The statement went on: "Search revealed that proceeds of crime generated from the fraud have been routed and possessed by M/s. Sagar Diamond Ltd. and others."Sagar Diamond says on its website that its mission includes "Creating a business environment of utmost trust among all levels and functions".