The Directorate of Income Intelligence (DRI) Mumbai has uncovered an elaborate fraud operation involving a gang that deceived each gold retailers and the DRI itself. Three members of the gang, together with a DRI informant, have been arrested, and 23 kg of smuggled gold value roughly Rs 17 crore has been seized.
The arrests have been made following a tip-off on Wednesday and Thursday, resulting in the seize of Mumbai Central residents Rajesh Jain, his spouse Payal, and Pankhu Devi. The operation additionally netted 22.89 kg of smuggled gold in varied kinds, together with melted bars, egg-shaped capsules, strips, and chains, in addition to Rs 40 lakh in money.
Investigations revealed that Jain, one of many key figures within the gang, had been working with one other mastermind, who’s at present absconding. This mastermind had been concerned in gold smuggling for years and, after struggling monetary losses in 2023, sought to revenue rapidly by defrauding each gold retailers and legislation enforcement companies, investigators added.
Jain and the mastermind devised a scheme to swindle gold retailers and the DRI. “They’d accumulate smuggled gold from retailers below the guise of promoting it at larger costs. The mastermind would then instruct Jain to offer DRI officers with partial details about the smuggled gold. Whereas the DRI was led to grab solely a portion of the gold—sometimes 4-5 kg—the gang would hold the remaining 15 kg and deceive the retailers into believing that all the quantity had been seized,” a supply stated.
This ruse labored successfully as a result of the retailers, fearing publicity because of the smuggled nature of the gold, didn’t confirm the quantities seized. In consequence, the gang profited immensely by deceptive each the retailers and the DRI.
The scheme unravelled when DRI officers grew to become suspicious of Jain’s credibility and selected to not act on the tip-off he supplied. In consequence, the gang tried to return the gold to the retailers. Nonetheless, they have been caught red-handed whereas transporting the gold by Jain’s spouse Payal and one other affiliate, Pankhu Devi.
Additional investigation revealed that Jain had beforehand orchestrated the same rip-off in February 2024, ensuing within the seizure of 4.5 kg of smuggled gold from a store in Kalbadevi. Jain had pocketed Rs 30 lakh from this operation whereas holding 12-14 kg of gold.
The probe has additionally disclosed that Jain was in common contact with a number of DRI officers, leveraging his place as an ‘informer’ to facilitate the fraud. To take care of their cowl, the gang even deliberate to arrest their very own members together with the gold to keep away from suspicion from gold retailers.
The DRI is at present trying to find the absconding mastermind of the gang, who has been evading seize because the current arrests.
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