Mangaluru, Mar 19 : Sleuths of Directorate of Revenue Intelligence (DRI) busted a gold smuggling racket and arrested seven smugglers from various locations, officials said on Thursday.
A total of 9.3 Kgs of gold, valued at approximately Rs 4 Crore, 5.2 kg of Silver and Rs 84 lakh in cash were seized during the operation. Acting on specific information regarding gold smuggling in the form of crude bars from Calicut to Mangalore, DRI officials arrested Syed Mohammed and Ashoka K S at Mangalore 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 gm bars with foreign marking mould, and was then sold at various locations in Karnataka. Simultaneous searches were conducted in three different locations – Car street in Mangalore, Udupi, and Shimoga. Further, the source of the gold was traced to Melters/Jewellers in Calicut and a swift follow up action was conducted, leading to seizures of gold and Rs 82 lakh cash.
Two high end cars belonging to the syndicate having specially designed cavities for concealing the gold and cash while transporting between Calicut and Mangalore were also seized. Further investigation is going on in the case to find other persons involved in the racket. The operation was conducted by a 40-member team of officers from Bangalore, Mangalore and Shimoga. (UNI)