Mumbai News: Customs Seizes ₹7.63 Crore Smuggled Foreign Currency In Mandavi Raid; Illegal Forex Dealer Arrested

Mumbai, Nov 27: The Rummaging and Intelligence (R&I) Unit of Mumbai Customs on Wednesday recovered and seized foreign and Indian currency worth Rs 7.63 crore after raiding a premises at Mandavi in South Mumbai. The seized currencies are confirmed to have been illegally smuggled into the country, agency sources said.

Customs Conducts Targeted Search Based on Intelligence Input

According to the Customs sources, based on specific intelligence gathered and developed by officers of the R&I Wing that illegal acquisition, possession, and sale of foreign currencies were secreted in different premises, including an office at Mandavi, searches were conducted by the Customs officers on Tuesday.

High-Value Foreign Currency and Counting Machines Recovered

“During the search proceedings, foreign currency in different denominations and high-speed money-counting machines were found in the office, which appears to be unaccountable. Total currency retrieved was Rs 7.63 crore,” said a Customs source.

Suspect Confesses to Illegal Forex Trade Since 2009–2010

“During the course of investigation, the statement of Pydhonie resident H.M. Koradia (62), owner of the office, was recorded on Wednesday wherein he mentioned and accepted that he has dealt in foreign exchange since 2009–2010. He was selling and purchasing foreign currency of different countries. However, he neither has any valid licence for the sale of foreign currency nor any special permission from the Reserve Bank of India to sell foreign currency,” said the official.

No Records Maintained; Currency Procured From Travellers

“He has not maintained any records of foreign currency as he acquired the foreign currency from various individuals travelling abroad and coming to India for personal and business purposes. He is aware that the currency is smuggled into India without disclosing it to the proper authority. He admitted that the Indian currency retrieved during search proceedings was sale proceeds of foreign currency received from the carriers coming from various foreign countries,” the official added.

Customs: Offence Serious, Nexus Suspected

Agency officials said that the role played by Koradia is of a serious nature and involves defrauding the Government Exchequer. “Koradia is knowingly involved in fabrication of documents for the purpose of evading legitimate taxes payable to the exchequer, as can be seen from the incriminating foreign currency retrieved during the search at his premises. In this regard, during investigation, it appears that there could be a nexus of individuals who are bringing unauthorized foreign currency to India. In view of the same, it appears that further investigation is required to unearth the modus operandi. Investigations in the case are in progress,” the official said.

Smuggled Currency Linked to Middle East; Suspect Remanded

“The seized currencies are confirmed to have been illegally smuggled into the country, with ongoing investigations establishing links to the Middle East, thereby posing a serious threat to the economic security of the nation,” another agency source said.

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The arrested person has been booked under the relevant sections of the Customs Act. He was produced before the Esplanade Court and has been remanded to judicial custody.

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