DRI sleuths seize 9.3 kgs gold valued at Rs 4 cr

Mangaluru: Sleuths of Directorate of Revenue Intelligence busted a gold smuggling racket with the arrest of seven persons from various locations. A total of 9.3 Kgs of gold, valued at approximately 4 crores, 5.2 kgs of silver and Rs 84 lakh in cash was seized during the operation.

Acting on specific information regarding gold smuggling in the form of crude bars from Calicut to Mangaluru, DRI officials on March 11 arrested Syed Mohammed and Ashoka K S at Mangaluru Central Railway Station and recovered 5.6 kgs of gold bars in crude form from their possession. They also apprehended Manjunath Shet alias Rupesh, the prospective buyer of the smuggled gold from the parking lot of the railway station.

Officials said that the crude gold was being remelted, cast into 100 gms bars with foreign markings, using foreign marking moulds, and was then getting distributed to various locations in Karnataka.

Simultaneous searches were conducted in three different locations – Car street in Mangaluru, Udupi, and Shimoga.

Further, the source of the gold was traced to melters/jewellers in Calicut and swift follow up action was conducted leading to seizures of gold and Rs 82 lakh cash. Two cars of Toyota Etios model belonging to the syndicate having specially designed cavities for concealing the gold and cash while transporting between Calicut and Mangaluru were also seized.

Further investigation is ongoing in the said case to uncover the other persons involved in the racket.

The operation was conducted by 40-member team of officers from Bangalore, Mangaluru and Shimoga.