Srinagar, Sep 9 Directorate of Enforcement (ED), Srinagar Zonal Office has conducted searches under the provisions of Foreign Exchange Management Act, 1999 (FEMA) at five locations in Delhi-NCR and one location in Ladakh at the residential and business premises in the matter of seizure of 108 Kg foreign origin gold by ITBP, resulting in recovery of incriminating documents.
A press statement by ED said that the Directorate of Revenue Intelligence (DRI) has also investigated this case, and their investigation revealed that 1064 Kg. Foreign-origin gold was transacted in this manner, and payments were made through USDT/Tether. DRI has detained 10 persons under COFEPOSA, and they are still in COFEPOSA custody.
“ED investigation revealed that the smuggled foreign-origin gold was being sent illicitly by one Bhu-Chum-Chum, a Chinese national, to an individual named Tendu Tashi in India via the Indo-China Border (Tibet Sector). Tendu Tashi is the mastermind and is responsible for arranging the whole logistics for the transportation of the smuggled foreign-origin gold bars from Ladakh to Delhi for its further disposal,” it said.
The agency pointed out that one Tenzin Khandap, a resident of Tibet, was the designated recipient of the foreign-origin gold from Bhu-Chum-Chum and was tasked with transporting the said gold up to the Indo-China border and handing over the same to Indian Porters on the Chinese side of the border.
“It has further emerged that on the instructions of Tendu Tashi, one Tenzin Samphel (uncle of Tenzin Khandap) recruited two porters to collect the 108 kg FO gold from China,” it said.
The ED investigation further revealed that Tendu Tashi has successfully smuggled 1064 kg of gold worth Rs 800 Crore into India from China border with the help of the other members of his gold smuggling syndicate during 2023 and 2024.
“The smuggled gold was delivered to individuals in Delhi who, in turn, used to sell the same to various gold jewellers/dealers in Delhi. The payments for purchasing the said foreign-origin gold were made to Bhu-Chum-Chum on the Chinese side through cryptocurrency (USDT/Tether),” the ED said
The central investigating agency said that further investigation into the case is underway.
--IANS
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