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Jeweller gang ‘converted’ smuggled foreign gold bars into Into Indian ones



The Directorate of Revenue Intelligence (DRI) has unearthed a racket wherein gold bars were smuggled into the country, thus evading customs duty, and the foreign markings were replaced with Indian etchings to hoodwink the authorities. The smuggled gold bars were melted in an unit at Zaveri Bazaar and poured into a mould that restored its shape with Indian markings, said officials. Gold imports attract a 36% duty and smugglers’ earning depend on fluctuation in the price in the global market.

The DRI arrested jeweller Ridmal Parihar, Deepak Gelera, Prakash Soni and Nirmal Rathod and seized 6kg of gold and cash of a total value of Rs 3 crore. The DRI received a tip-off that Soni, who owns a workshop at Memon Street was illegally melting smuggled gold bars. They recovered eight gold bars weighing a total 803.9gm and the dye used to put Indian markings on gold biscuits at his unit. “Soni said Parihar would bring smuggled gold bars to his workshop,” an official said.

DRI then searched Parihar’s showroom and found 15 gold bars with foreign markings weighing a total 1.7kg gold, 10 gold bars of Indian marking weighing a total 1kg and over Rs.1.2 crore cash. The also seized Rs.41 lakh from Parihar, Rs.25 lakh from Gerela, and Rs.35 lakh from Pawan Dusane, who is yet to be arrested. “Parihar would get the smuggled gold from Rathod, a middleman, and send them Soni. He earned a profit of Rs.600 per kg,” said an official. Parihar has not revealed who would smuggle in the gold bars from abroad.

Courtesy: The Times of India











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