Gold Smuggling at Indian State Reaches Record High; Over 100 kg Illegal Gold Recovered

NEW DELHI (Scrap Monster):The latest statistics released by the Central Agencies indicate that gold smuggling has reached record highs during the five-month period from January to May this year. Over 100 kilograms of illegal gold were recovered in the state of Gujarat during the five-month period. The acts of smuggling precious gold into the country have multiplied alarmingly ever since the government imposed tight restrictions on gold imports, a year ago.

The Customs Department and the Directorate of Revenue Intelligence (DRI) have detected 32 major cases of gold smuggling. A total of 105.36 kilograms of gold worth Rs 32.24 crores were seized, making it the largest by the state during recent years.

The DRI officials have seized 79.5 kilogram of gold worth Rs 24.5 crores, since Jan '14.A gold smuggling racket was busted while trying to bring in 16 kilograms of gold ore concentrate which contained 5 kilograms of pure gold. Meanwhile, Customs officials have recovered 25.86 kilograms of gold worth Rs.7.74 crores during the same period from Sardar Vallabhbhai Patel International Airport. A total of 332 persons were detained for allegedly trying to smuggle gold.

There has been a sharp rise in cases of gold smuggling across all airports in the country. Singapore, Sri Lanka and the Middle East Countries are the key sources from where gold in huge quantities are smuggled to India by air. Any relaxation in gold import norms may ease supply of gold, which in turn may trim down attempts to sneak in illegal gold into the country.