Ahmedabad: Gujarat’s Anti-Terrorist Squad (ATS) and officers of the Directorate of Revenue Intelligence (DRI) uncovered a gold-smuggling racket, seizing gold bars worth ₹80 crore, along with ₹1.37 crore in cash and luxury watches from an apartment here.
“The search represents a major blow to illicit activities and underscores DRI’s commitment to combating economic offences and safeguarding the integrity and sovereignty of the nation. Further investigations are underway,” stated the Finance ministry.
In a joint raid, 87.9 kg of gold bars and 19.6 kg of gold jewellery were recovered. The gold bars, marked with foreign imprints, indicate illegal smuggling into India.
Officials also seized 11 luxury watches, including a diamond-studded Patek Philippe, a Jacob & Co. timepiece and a Franck Muller watch, as well as jewellery adorned with diamonds and other precious stones.
The exact valuation of the watches and jewellery is yet to be determined.
Investigators believe Megh Shah, the tenant of the raided Ahmedabad apartment, is the mastermind behind the gold-smuggling operation. His father Mahendra Shah, a stock market investor with Dubai connections, is also under investigation.
ATS sources suspect large financial transactions linked to them were funnelled through shell companies. DIG (ATS) Sunil Joshi told the Mint that the raid was carried out based on intelligence inputs received by the Deputy Superintendent of Police (DSP).
Finding the apartment locked, authorities retrieved the keys from a relative living in the same building before conducting the raid. The relative, who resides on the fourth floor, is now being interrogated to assess her possible knowledge or involvement in the smuggling operation.
Gujarat ATS has transferred the case to the DRI, which will investigate the source of the gold, luxury watches, and cash, as well as the possible involvement of an international smuggling syndicate.
