ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » 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
  • Linkedin
  • whatapp
  • View in App
Govt intelligence agency cracks gold smuggling racket worth Rs 2,000 crore
Gold bricks smuggling ceased in India. Photo: Pixabay

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. 
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
goldGold SmugglersGold SmugglingDirectorate of Revenue Intelligence (DRI)Ministry of FinanceDelhi AirportImportsEconomy
Written By: ZeeBiz WebTeam
Updated: Mon, Sep 19, 2016
04:07 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Gold soars to record high of Rs 56,850 per 10 grams. Is it an opportunity missed? Gold soars to record high of Rs 56,850 per 10 grams. Is it an opportunity missed?
CBI recovers 17 kg gold, Rs 1.5 crore in cash from ex-Railway official CBI recovers 17 kg gold, Rs 1.5 crore in cash from ex-Railway official
India December gold imports plunge 79 per cent fall by over a third in 2022 India December gold imports plunge 79 per cent fall by over a third in 2022
GJC elects Saiyam Mehra as chairman, Rajesh Rokde as vice chairman GJC elects Saiyam Mehra as chairman, Rajesh Rokde as vice chairman
Gold to glitter in 2023, may touch Rs 62,000 per 10 grams, Silver Rs 80,000 per kg Gold to glitter in 2023, may touch Rs 62,000 per 10 grams, Silver Rs 80,000 per kg

LATEST NEWS

Nirmala Sitharaman is sixth Finance Minister to present budget 5 times in a row

Budget 2023: What has become cheaper and what is costlier now?

Closing Bell: Cautious end for Sensex, Nifty ahead of Budget 2023, Fed policy; ICICI Bank, ITC keep bears on top

Budget 2023: India has made significant progress in many Sustainable Development Goals, says FM Nimala Sitharaman

Brokerage views: Sun Pharma, Coal India, Godrej Consumer, Indian Oil, Indian Hotels in focus on Budget day

India vs New Zealand 3rd T20 Live Streaming: Where and when to watch?

Budget 2023: India's economy on right track, focus on reforms, says FM Nirmala Sitharaman

Sanjiv Bhasin stocks, strategy on Zee Business: BUY Bank of Baroda, IDFC First Bank, Concor, Ultra Tech, SBI | Check price targets

Union Budget 2023-2024: Read full text of FM Nirmala Sitharaman speech here

Budget 2023: Provided free foodgrains to 80 crore poor people; no one went hungry during pandemic, says FM Nirmala Sitharaman

  • 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

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV