ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • India
    • Economy
    • Politics
    • Markets
  • World
    • Economy
    • Politics
    • Markets
  • Companies
    • Auto
    • Banking & Financial Services
    • Pharma
    • Energy
    • Infrastructure
    • Media
    • IT
    • Telecom
    • Consumer Products
    • Aviation
    • FMCG
  • Personal Finance
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
  • Mutual Funds
  • Technology
  • Automobile
    • Cars
    • Bikes
  • Small Business
    • SME
    • Startups
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
    • AUTHORS
Home » India News

Govt intelligence agency cracks gold smuggling racket worth Rs 2,000 crore

This probably is the single biggest case of detection of gold smuggling by any agency in India.

  • Twitter
  • Facebook
  • GPlus
Govt intelligence agency cracks gold smuggling racket worth Rs 2,000 crore
Gold bricks smuggling ceased in India. Photo: Pixabay
By ZeeBiz WebTeam
Updated: Mon, Sep 19, 2016
04:07 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Gold futures up 0.34% on global cues Gold futures up 0.34% on global cues
Gold inches down as trade worries boost dollar Gold inches down as trade worries boost dollar
New Gold coin to be released on this date - All you need to know New Gold coin to be released on this date - All you need to know
Gold to get more expensive? Should you buy before it becomes out of financial reach? Analysis here Gold to get more expensive? Should you buy before it becomes out of financial reach? Analysis here
 Free gold worth Rs 38k! BJP government in this state announces big Arundhati Scheme - All you need to know Free gold worth Rs 38k! BJP government in this state announces big Arundhati Scheme - All you need to know

The Directorate of Revenue Intelligence (DRI) announced that it has cracked a major gold smuggling racked that involved the smuggling of around 7,000 kg of gold worth over Rs 2,000 crore, over the past two and half years.

This probably is the single biggest case of detection of gold smuggling by any agency in India.

DRI has busted a major gold smuggling racket involving smuggling of around 7000 kg of gold worth more than Rs. 2000 crore in last 2&half yrs

— Ministry of Finance (@FinMinIndia) September 19, 2016

Value of gold seizures by Directorate of Revenue Intelligence in current FY(2016-17) upto 18th September, 2016 alone is about Rs 91 crore.

— Ministry of Finance (@FinMinIndia) September 19, 2016

The DRI has arrested two of the accused in Delhi and remain under judicial custody. They include a Guwahati-based businessman and his Delhi-based aide.

The said Guwahati-based businessman was also involved in many cases of smuggling of gold in the past, wherein 37 kilograms of gold worth Rs 9 crore was seized by DRI, said the Ministry of Finance in a release.

He was also arrested by the Guwahati unit of DRI in February, 2015 for smuggling gold of about 12 kg and later was released on bail.

The involvement of the employees of the airlines and others are also being investigated by DRI.
 
The seized gold bars of 24 carat purity were admittedly smuggled into India through the Indo-Myanmar land borders and were brought to Delhi from Guwahati by a domestic flight. Market value of the total seized goods is around Rs 3.1 crore.

Intelligence also reveals that huge quantities of gold bars of foreign origin are being smuggled from Myanmar through Indo-Myanmar border adjacent to Moreh in the state of Manipur and from the Zokhawthar area in Mizoram.
 
“DRI has achieved significant results in the recent past. Value of gold seizures by DRI in the current financial year up to September 18, 2016 is about Rs 91 crore,” said the government.
 
During the current financial year from April to July, 2016, the lawful import of gold has drastically reduced to about 107 metric tons valued at Rs 24,000 crore, as compared to 274 metric tons, valued at Rs 60,700 crore, in the corresponding period in the last financial year.
 
Total gold import in 2015-16 was about 855 metric tons, valued at about Rs 1.79 lakh crore. 
 

TAGS:
goldGold SmugglersGold SmugglingDirectorate of Revenue Intelligence (DRI)Ministry of FinanceDelhi AirportImportsEconomy
RELATED NEWS
Gold futures up 0.34% on global cues Gold futures up 0.34% on global cues
Gold inches down as trade worries boost dollar Gold inches down as trade worries boost dollar
New Gold coin to be released on this date - All you need to know New Gold coin to be released on this date - All you need to know
Gold to get more expensive? Should you buy before it becomes out of financial reach? Analysis here Gold to get more expensive? Should you buy before it becomes out of financial reach? Analysis here
 Free gold worth Rs 38k! BJP government in this state announces big Arundhati Scheme - All you need to know Free gold worth Rs 38k! BJP government in this state announces big Arundhati Scheme - All you need to know

LATEST NEWS

Vande Bharat Express delayed on first commercial run: Check why Train 18 couldn't leave on time

IIM Ahmedabad Placements 2019: From top recruiters to other details, all you need to know

Realme 2 Pro gets a price cut in India

Employee Provident Fund: EPFO unlikely to change rate - Know how much money you will take home on retirement

Leaked? Xiaomi’s MIUI 11 to support these devices - Check full list

BSNL offers new Rs 98 prepaid recharge plan with 2GB daily internet data with Eros Now subscription - Check full details

Salaried or self employed tax exemption in your PF, HRA, LTA, special allowances and much more

WhatsApp testing new algorithm to improve Status updates: How it will change your experience

Singapore Jan non-oil exports suffer biggest decline in more than two years

Make money while others sleep! Check how to earn even when markets are closed

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • Amazon Prime Day
  • Income Tax
  • Bharti Airtel
  • NPA
  • Home Loan

Trending Topics

  • Farm Loans
  • 7th Pay Commission
  • Sanitary Pads
  • National Stock Exchange
  • GST

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved