Gold was seized from a residential flat belonging to a stock broker's son. Jewellery weighing 19.66 kg, fitted with diamonds and other precious metals, also recovered.
A well-oiled nexus of carriers, receivers, airline & airport personnel keeps the racket running. As import duties & gold prices increase, the smuggling market becomes more lucrative. Read ThePrint investigation.
32 gold bars & Rs 196.57 cr cash were seized from Peeyush Jain's premises in 2021. In 2022, after Modi linked him to SP, the party called Jain a 'BJP businessman' mistakenly raided.
According to DRI data, 150-200 tonnes of gold are smuggled into India annually. If this year's seizures are anything to go by, most of it sails past customs.
The birds were seized under provisions of the Customs Act and Wild Life Protection Act, 1972. Offences under these Acts are punishable with a sentence of up to 7 years in prison.
In most cases, funds were siphoned from domestic companies to offshore tax havens by over-invoicing and under-invoicing, through intermediary shell companies .
IAF is firming up plans to revamp airlift capabilities with medium transport aircraft that will be assembled in India & serve as its main workhorse. Embraer is leading contender as of now.
COMMENTS