Mumbai: Directorate of Revenue Intelligence (DRI) officials on Tuesday arrested 11 persons allegedly involved in a gold smuggling syndicate. The agency has seized 11.88 kg gold worth Rs 15 crores and 8.77 kg silver worth Rs 13.77 lakh.
Accused Identified By DRI
Those apprehended have been identified as S.S. Joshi, A.S. Kesarkar, V.V. Kadam, P. Kumar, N.V. Thakkar, S. Joshi, S. Narale, V. Thakkar, V H. Rabari, S.P. Tripathi and S.P. Rathod.
Raids Conducted Across Multiple Locations
According to the DRI, specific intelligence was developed indicating that a premises at Kalbadevi and Mazgaon, were being used for melting and processing smuggled gold, and that the melted gold was being disposed of in the local market through trading activities conducted from an office at Mumbadevi Road, searches were conducted at the aforesaid three premises accordingly.
Gold And Silver Seized From Premises
During the search at premises the agency officials seized gold and silver. The accused persons could not produce any valid documents evidencing the lawful acquisition or possession of the recovered gold and silver.
They admitted that the gold had been smuggled, primarily in the form of egg-shaped capsules containing gold dust mixed with wax and gold paste, which were subsequently melted and processed for sale in the local market. It was further revealed that the recovered silver represented the sale proceeds of the smuggled gold.
Duty Evasion Of ₹5.27 Crore Detected
"In the instant case there is a duty evasion of Rs 5.27 crore approximately. The investigation conducted so far indicates a deep-rooted conspiracy to defraud the government and to harm the economic balance and security of India. More evidence needs to be gathered, investigated, and corroborated. The present case involves continued acts of smuggling in an organized manner by the syndicate and may involve the foreign nationals. The involvement of other key members such as hawala operators, buyers of smuggled gold, other unknown members associated with the syndicate needs to be investigated," said a DRI official.
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DRI Expands Probe To Uncover Wider Network
"The Gold smuggled by the syndicate was further to be sold to various other people and those persons are also part of this syndicate. Investigation so far has revealed that the chain is longer, and therefore the investigators need more time to unravel the passengers, money trail, financer and trail of the sale-purchase of the illegal gold. The investigation in this case is at a very crucial stage as the DRI is making an all-out efforts to locate the other members of the syndicate," the official said.
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