Gold, Foreign Currency Worth Rs 5.84 Crore Seized In Hyderabad, 5 Arrested

The Directorate of Revenue Intelligence (DRI) has arrested five people for their alleged involvement in smuggling foreign-origin gold from Bangladesh and transporting it to Hyderabad via Kolkata.

Gold weighing about 3.1 kg and foreign currency worth a combined Rs 5.84 crore were seized during the operation.

According to the DRI, officers of its Hyderabad Zonal Unit and Vijayawada Regional Unit launched a coordinated operation after receiving specific intelligence about a gang involved in smuggling gold from Bangladesh.

Investigators suspected that the gang was bringing gold from Bangladesh, routing it through Kolkata and transporting it to Hyderabad for sale.

Acting on the intelligence, DRI officers intercepted a Scorpio vehicle on the outskirts of Vijayawada. During the search, they found foreign currency hidden inside a specially made cavity in the vehicle, the agency said.

The two occupants of the vehicle were questioned and allegedly revealed that they had delivered the smuggled gold on the outskirts of Vijayawada. They also told investigators that the foreign currency recovered from the vehicle was part of the proceeds from the sale of the smuggled gold.

Based on the information obtained during questioning, officers traced three more suspected carriers travelling towards Hyderabad in a public bus. The bus was intercepted at a toll plaza, where the suspects were searched.

Officers recovered three foreign-origin gold bars weighing a total of 3,147.1 grams, or approximately 3.1 kg, from the three men. 

The gold bars had been concealed inside a pouch tied around their waists, apparently to avoid detection.

The seizure also included USD 60,000 and 21,500 euros, which investigators believe were linked to the sale of the smuggled gold. The total value of the seized gold and foreign currency was estimated at Rs 5.84 crore.

All five accused, allegedly involved in procuring and transporting the contraband, were arrested and produced before the jurisdictional magistrate. 

They were subsequently remanded to judicial custody while the agency is continuing its investigation to identify other members of the suspected international smuggling network.