Maharashtra: DRI Busts Gold, Silver Smuggling Racket Worth Over ₹5 Crore; Two Arrested In Multi-State Operation

Mumbai: The Directorate of Revenue Intelligence (DRI) on Thursday arrested two persons for smuggling of gold worth Rs4.26 crore and silver valued at Rs85.57 lakh. The said gold was meant to be delivered to a jeweller in Nashik, agency sources said.

According to sources, DRI officers, after receiving specific information, intercepted the vehicle and arrested its driver, FK Shikalikar. The vehicle’s search led to the recovery of allegedly smuggled gold in the form of four bars, two chains, and six bracelets from the secret cavity behind the rear seat.

During interrogation, Shikalikar told the officials that the car belongs to his employer, AH Jain, who was summoned and asked to produce legal documents to prove the purchase and possession of the gold. Despite being provided adequate opportunity and time, these requirements under the Customs Act were not met.

During a follow-up search at the business premises of Jain, 61.3kg of foreign-origin silver bricks and 24.1kg of cut pieces and bars of silver, valued at Rs85.57 lakh, along with Rs74 lakh cash were recovered. Shikalikar told officials that Jain wanted the consignment delivered to a jeweller in Nashik. He said he earlier made deliveries of foreign-marked gold on the instructions of Jain at various locations in Nashik and Dhule.

Officials said Jain agreed the consignment belonged to him but couldn’t produce any documents. He also did not disclose the names of his other accomplices who deal in smuggled gold and silver, a DRI source said. The source added that Jain’s chats with various persons showed that he regularly deals in foreign origin gold and silver.

“Further, sources for the purchase of the gold, its ditribution, and money through illegal hawala channels are being probed,” the source said, adding that the syndicate operates across multiple states.