The officials of Directorate of Revenue Intelligence (DRI) have busted a syndicate which was illegally transporting gold, silver and cash between Kozhikode and Mangaluru and arrested seven persons in this connection. They have seized 9.3 kg of gold valued at approximately ₹ 4 crore and 5.2 kg of silver, ₹84 lakh in cash and two cars from them.
The racket was busted after the DRI officials intercepted Syed Mohammed and Ashoka K.S. at Mangaluru Central Railway Station and recovered 5.6 kg of gold bars in crude form on March 11.
The operation was conducted based on specific information about a network of operators who were bringing smuggled gold in the form of crude bars from Kozhikode to Mangaluru. The gold was then remelted and cast into 100 gram bars with foreign markings, using foreign marking moulds, and was then getting distributed to various locations in Karnataka, sources said.
Manjunath Shet alias Rupesh, who was supposed to receive the said gold from the passengers, was apprehended at the parking lot of the railway station.
Naveenchandra Kamath of Udupi, the mastermind of the racket, has also been arrested.
Simultaneous searches were conducted in three different premises in Car Street Mangaluru, Udupi, and Shivamogga in this connection, sources added.
Further, the source of the gold was traced to melters/jewellers in Kozhikode and swift follow-up action was conducted leading to seizure of gold and ₹82 lakh cash. The officials also seized two cars belonging to the syndicate having specially designed cavities for concealment which were used for transporting cash and gold between Kozhikode and Mangaluru.
The team which busted the network comprised 40 officials from Bengaluru, Mangaluru and Shivamogga.
Further investigation is on to uncover other persons involved in the racket, sources added.
