DRI Seized Crores Worth Smuggled Gold from Air Cargo Complex

SEATTLE (Scrap Monster): The Directorate of Revenue Intelligence (DRI) officials seized 36 kilograms of smuggled gold worth INR 21 crore at various stages of processing from the Air Cargo Complex in Mumbai. The person in charge of the premises was arrested. Also, the agency recovered INR 20 lakhs of unaccounted cash from the person.

ALSO READ:

8 Kg Gold Paste Worth INR 4.54 Crore Seized at Airport

India's Gold Refiners Struggle as Smugglers Offer Hefty Discounts

The raid, based on specific information, recovered smuggled gold in various stages of processing. The team of DRI officers had been closely watching the travel patterns of suspected Indian nationals and a few foreign nationals.The operation busted a syndicate involved in the processing and distribution of smuggled gold.

Upon interrogation, the accused said that he had procured the gold from different individuals, including foreign nationals. Mostly gold was procured from domestic players, who used to receive smuggled gold on a daily basis. The person has been arrested under the Customs Act. Further investigations are on, said DRI official release.

The DRI noted that nearly 4,000 tons of gold are smuggled into the country every year, as per unofficial estimates. The entry of gold into the country through illegal routes results in significant loss to the exchequer. The earnings from gold smuggling are used to finance illegal activities including terrorist activities and drug trafficking, it said.