Bengaluru: In the largest operation of the Bengaluru Unit Directorate of Bengaluru’s recent income, the gang that imports gold bars worth more than Rs 1,000 Crore and avoids the RS 338 Crore in the customs duty in almost three years damaged.
Kingpin based in Mumbai was arrested along with his woman hanging out after the illegal delivery of Potassium Cyanide worth RS 32 Crore was confiscated at Mumbai Airport.
Sumber DRI identified the kingpin as Rajesh, 64, the owner of the Mumbai-based chemical industry.
They said he brought a gold bar from the bay by misusing the option of import duty exemption from the authorization scheme under foreign trade policies.
This scheme provides release from import duties for the material used in manufacturing goods exclusively for the export market.
“He avoided the ‘” Rajesh scheme with intelligently using the government scheme to bring gold bars from Dubai and instead of melting and using it to make the potassium of gold cyanide according to the conditions of liberation, he began selling bars to illegal dealers.
He entered the Secret Agreement with relatives in Gandhinagar, Gujarat, who would export the potassium of gold cyanide into the Gulf, claiming to be used in the manufacture of electronics and machines that investigate.
With Bengaluru DRI recently received a specific intelligence input which is a Mumbai-based gang with the possibility of a link in South India has managed to bring 2,400 kg of gold bars to the country without paying a single rupee in import duties, a team formed and the probe began.
“We are stunned by the mode of fraudulent operandi because the gold bar is worth more than the RS 1,000 Crore imported legally being transferred to the gold dealer illegally.
Called the final product, potassium gold cyanide, separately mixed in Gandhinagar to be exported to Dubai as a legal product, Submitted back to India through Indonesia using the ASEAN India free trade agreement that attracts exceptions, “explained Bengaluru Investigator Dri.
Bengaluru Dri Sleuggells along with Mumbai partners they seized the consignment of the 100kg of Potassium Potassium Gold cyanide in the Mumbai Air cargo complex on Friday.
Rajesh and his aide were arrested on Saturdays on charges of carrying out illegal operations since the end of 2018 and collecting crores rupees in profit, the source added.
Further probes are taking place to the Rajesh link in South India, especially with illegal gold dealers.