Mumbai: DRI dismantles 32 crore gold import racket | Bombay News



The Tax Intelligence Directorate (DRI) dismantled a gold import racket and allegedly seized a batch of 100 kg of potassium cyanide gold (GPC) worth ₹32 crores at air cargo complex in Mumbai. The agency arrested two people on Saturday who were allegedly involved in the equipment export racket. Both were brought to court and remanded in custody until July 21.

The agency says it suspected the buyers were spread across major Indian cities. GPC is also known as potassium dicyanoaurate and its main application is the electrolytic gold plating of metals. The seized shipment was being exported to Dubai by a Mumbai-based company, DRI said in the press release.

The racketeers claimed that the GPCs they tried to export were made of gold imported duty-free for re-export after value. The GPC attempted to be exported and was falsely claimed to be the product resulting from the duty-free import of gold that the Mumbai-based company was allowed to import as an input against an authorization license. prior (AA).

DIR said in the statement that “the Mumbai-based exporter has never made any duty-free product for export from gold which was authorized to import by his company. Instead, he diverted the imported duty-free gold into the domestic market at a profit, melting and remelting it. This effectively led to the violation of the “actual use condition” imposed under the AA program.

After selling the gold on the open market, the Mumbai-based exporter obtained GPC from a related company based in Gandhinagar, Gujarat and falsely claimed it was a product resulting from gold imported duty-free under the AA, in the press release.

The suspected official after finding the Gandhinagar company has embarked on a solar power solution that has nothing to do with gold. Gandhinagar’s company imported last week from Indonesia’s GPC claiming a 0% tariff concession advantage available under the ASEAN-India Free Trade Agreement (AIFTA).

Documents and other evidence gathered indicated that the GPC exported to Dubai had been transferred to Indonesia and returned to Mumbai through the Gandhinagar office. The same products regularly entered and left the country. According to the survey, the estimated tax evasion is ₹338 crores. The arrested defendants controlled and carried out illicit schemes. The DIR did not release their names during the investigation, the DRI officer said.



More Stories
Why Justin Trudeau’s affordable housing strategy isn’t working