The gold smugglers are using reverse hawala channels for receiving money for smuggling gold from West Asian countries.
The Customs officials investigating smuggling cases have found that the gold is being brought in through clandestine means to meet the needs of jewellers. Customs officials said that smugglers don’t have to make investment for purchasing gold. “Usually hawala transactions are conducted on the basis of orders placed from abroad. However, in gold smuggling activities reverse hawala channels are used. As per the demand, the money is handed over to the hawala agents here.
The amount is converted in dirhams and handed over to the smuggler there. There are several agents for the smugglers who arrange carriers and consignment for the smugglers. There is demand for gold throughout the year and gold smuggling now takes place in all months,” customs officials said.
According to sources Fayaz who was arrested on charges of smuggling was also a agent operating for a racket in Dubai. “Fayaz was not running any smuggling racket. Instead he was acting as a middle man for racket arranging carriers and gold consignment. These middlemen maintain good connection with the jewellers who book consignments of gold to be smuggled from abroad,” he said.