AHMEDABAD: DRI and Gujarat ATS unearthed 87.92 kg of smuggled gold bars worth Rs 80 crore, many bearing foreign markings in the raid that took place at a Paldi flat in Ahmedabad on March 17.
Officials also seized 11 luxury watches, including a diamond-studded Patek Philippe, a Jacob & Co, and a Franck Muller, along with 19.66 kg of diamond and gemstone-studded jewellery. The valuation of the jewellery is still underway. Rs 1.37 crore in cash was also recovered.
The bust had delivered a serious blow to smuggling networks, reinforcing DRI’s mission to combat economic offences and protect national interests.
Further investigations are ongoing.
The officials had to bring in scales to weigh the staggering haul. The cash-counting process continued till late at night.
The spotlight is now on Mahendra Shah and Megh Shah, who rented the flat.
Hinting at a deep-rooted smuggling network, officials reportedly found raw transaction entries worth crores locked inside a safe in the flat. Sources reveal that most of the seized gold was acquired in the past year and it raises questions on the scale of the operation.
A DRI surveillance team meticulously tracked every visitor, every vehicle, and every movement near a seemingly locked Paldi flat for five days. It was found that despite the flat being shut, bags were being moved in and out almost every day, raising doubts.
Before the raid, investigators found that a lawyer held the flats' key. They summoned him and opened the premises.
The sources of gold, cash, and the smuggling routes taken remain under probe.
However, early findings point to a scandal much bigger than anticipated and leads suggest that the gold was procured using funds from 'dabba' trading and money laundering.
The raid may just be the tip of a massive smuggling operation.