The Directorate of Revenue Intelligence (DRI), Kochi unit, busted a Malappuram-based gold smuggling syndicate and arrested nine persons, while also seizing 9.75 kg of 24 carat gold, which included gold paste, valued at a total of ₹4.75 crore.
They also seized ₹62.5 lakh in cash during the raid. The raids were conducted on Sunday and Monday, in Malappuram and also in Kochi and Calicut airports. The arrested persons include the alleged mastermind Fasalu Rahman, Mohammed Musthafa, Mohammed Shihabudheen, melting unit operators Mohammed Ashraf, Ashique Ali and Veerankutty, gold dealer Alavi and carriers Ismail Faisal and Pothan Unaise.
Five of them were remanded to judicial custody for 14 days while the others were released on bail. The gang was active in gold smuggling for the past couple of years. They procured gold from abroad and converted it into various forms for being smuggled into the country. This gold was yet again processed at melting units in Kerala, to be turned into gold bars, before being sold to customers, including jewellery shops, sources said.
