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40kg of gold worth Rs 12cr seized, Noida SEZ exporter arrested.


Date: 20-12-2016
Subject: 40kg of gold worth Rs 12cr seized, Noida SEZ exporter arrested
NOIDA: The Directorate of Revenue Intelligence (DRI) arrested an exporter on Monday and seized more than 40 kg of gold allegedly meant to facilitate illegal exchange of the demonetised Rs 500 and Rs 1,000 banknotes.Worth over Rs 12 crore, the gold was recovered from various places in Delhi.

The exporter operated out of the Noida Special Economic Zone (NSEZ), from where he is alleged to have diverted gold meant for export into the domestic market.

The NSEZ unit imported gold from Dubai for the purpose of making jewellery and re-exporting it to the United Arab Emirates.

Imported gold worth over Rs 150 crore is believed to have been diverted to the local market, allegedly benefitting peo ple engaged in the illegal exchange of the scrapped tender with gold bars post demonetisation. DRI officials have seized fake `export' consignments of gold, the precious metal replaced with copper, from the exporter.

"In multiple searches conducted by DRI officials on the business and residential premises of the mastermind, 40 kg gold... has been seized and the mastermind of the fraud... has been arrested and remanded in judicial custody," a senior DRI officer said.

DRI officialsconducted se arches on multiple locations in the national capital on Monday to track other gold consignments diverted by the exporter. The mastermind has also reportedly revealed international links of the goldsmuggling network operating from India.

Import of gold for the domestic market invites 10% basic customs duty . "Smuggled gold has been in high demand in India post demonetisation since it is being considered a safe commodity to launder black money ," the DRI officer said.

Source: timesofindia.indiatimes.com

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