In a major joint operation, the Gujarat Anti-Terrorism Squad (ATS) and the Directorate of Revenue Intelligence (DRI), Ahmedabad, have seized over 90 kg of smuggled gold during a raid in the city. The market value of the confiscated gold is estimated to be over Rs 100 crore.
Massive Gold Seizure in Ahmedabad: Key Highlights
- Over 90 kg of gold recovered in Paldi, Ahmedabad.
- The operation was conducted by Gujarat ATS and DRI.
- Gold was found in a residential flat in Avishkar Apartment, Mahalakshmi Crossroads.
- The property was rented by stock trader Mahendra Shah and his son Megh Shah.
- Gold suspected to be smuggled from abroad.
Gold Smuggling Racket Busted in Gujarat
According to officials, the Gujarat ATS received a tip-off about a large gold consignment smuggled into the state and hidden in a residential unit in Ahmedabad’s Paldi area. Acting on the intelligence input, a team of ATS and DRI officers raided the flat located in Avishkar Apartment near Mahalakshmi Crossroads.
“Based on the input, we raided the house along with the DRI team and discovered a significant quantity of gold jewelry and biscuits weighing between 90 to 100 kg,” an ATS official said.
Stock Market Traders Under Investigation
The flat is reportedly owned by a resident of Kalol, Gandhinagar, who had rented it out to Mahendra Shah and his son Megh Shah, both of whom are known stock market operators.
Authorities suspect that the father-son duo was involved in smuggling gold from abroad. The agencies are now investigating whether the smuggled gold was used for money laundering or illicit trading in the stock market.
Gujarat: A Hotspot for Gold Smuggling?
This latest gold seizure underscores the rising trend of gold smuggling in Gujarat, which has long been a hub for illicit gold trade due to its strategic location and high demand for the precious metal.
Officials are conducting further investigations to uncover the entire smuggling network and possible international links. Arrests and legal action against those involved are expected in the coming days.
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