The Directorate of Revenue Intelligence (DRI) Mumbai thwarted attempts at organised gold smuggling through air routes and confiscated more than 36 kg of unaccounted gold worth Rs 21 crore at various stages of processing on Tuesday.
According to the DRI, during the course of investigation related to various cases of smuggling of gold through the Mumbai Airport and Air Cargo Complex, specific intelligence was developed by the officers of the DRI Mumbai that a syndicate involving foreign nationals is involved in the processing and distribution of smuggled gold.
Further, in the statement, the department claimed that the smugglers used the traditional method of collecting hefty payments. The officials involved in the operation also busted a gang involved in Hawala transactions. Notably, the hawala system refers to an informal channel for transferring funds from one location to another through service providers.
"A discreet surveillance was mounted by a team of DRI officers on the travel patterns of a few foreign nationals and suspected Indian nationals to bust the syndicate," according to the statement.
"On Monday, working on the intelligence, a well-timed and coordinated operation was planned and executed by the officers of DRI Mumbai. A thorough search of the premises led to the recovery of more than 36 kg of unaccounted gold at various stages of processing," it said. "The gross value of the gold is approximately Rs 21 crores," it added.
According to the DRI, the person in charge of the premises confessed to obtaining the gold from various individuals, including foreign nationals, in the form of capsules carried through body concealment, travel bags, fabric layering, and various types of machines. The person was also found to be in possession of more than Rs 20 lakh in unaccounted cash.
During the course of interrogation and investigation, it was revealed that the gold was delivered to various domestic players daily by using syndicate codes. As of now, officials have said that a person has been arrested in the case and that further investigation is underway.