Dubai-based Indian businessman arrested by DRI for gold smuggling, money laundering

Mumbai: A Dubai-based Indian businessman has been arrested by Directorate of Revenue Intelligence (DRI) officials for allegedly involving in a major gold smuggling and money laundering racket, according to an official statement issued Wednesday. The arrest came after the DRI’s investigation in a foreign currency and gold smuggling case revealed the role of the businessman, who is believed to be one of the key masterminds and financier of a smuggling syndicate, it said.

The accused, who runs garments business as his front in Dubai, was arrested Tuesday from the Mumbai airport, the probe agency said in the statement. The DRI had arrested four Indian nationals from the international airport at New Delhi on August 18 last year, while they were attempting to smuggle foreign currency equivalent to Rs 1.47 crore from India to Dubai.

Further investigations were carried out by the DRI by examining available links and evidences. “These investigations indicated that three arrested individuals were part of a larger syndicate comprising about 70 carriers involved in outward smuggling of foreign currency from India to Dubai and smuggling of gold on return journey into India,” the DRI said. The extent of the operations of the syndicate and the role of various masterminds and financiers of the syndicate was carried out.

Investigations have revealed that the syndicate smuggled approximately 70 kg of gold valued at Rs 21 crore into India from Dubai during the period of May-August last year and smuggled the commensurate amount of foreign currency out of India during the same period, it said. The past smuggling activities of the syndicate is being investigated. “Further investigations into the operations of the syndicate and the role of the Indian businessman in generation of black money and money laundering are also being carried out by the DRI,” the statement said.

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