The Directorate of Revenue Intelligence (DRI) in Mumbai has uncovered an elaborate gold smuggling fraud operation involving a gang that deceived both gold merchants and the DRI itself. The authorities arrested three members of the gang, including a DRI informant, and seized 23 kg of smuggled gold, valued at approximately Rs17 crore.
The arrests were made following a tip-off on Wednesday and Thursday, leading to the capture of Rajesh Jain, his wife Payal, and Pankhu Devi, all residents of Mumbai Central. The operation resulted in the seizure of 22.89 kg of smuggled gold, which was in various forms such as melted bars, egg-shaped capsules, strips, and chains. Additionally, the authorities recovered Rs40 lakh in cash.
This operation reveals a significant fraud scheme, with the gang managing to deceive both the gold merchants and even the DRI, causing a serious blow to both the gold trade and government regulations.
