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Indian Authorities Confiscate 3 kg of Gold in Airport Toilet

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The Directorate of Revenue Intelligence (DRI) officials seized huge quantities of smuggled gold during a massive raid conducted at Rajiv Gandhi International Airport, Hyderabad in Southern India. Gold bars and chain weighing approximately 3 kilograms were found hidden inside toilet flush tanks. The seized gold is worth nearly Rs.84 lakhs, said DRI officials.

Based on tip-off, DRI officials intercepted a passenger from Dubai, but failed to find any gold with him. Upon questioning, he admitted that the gold bars and chain were hidden inside the flush tank of the toilet near the Immigration area. The DRI officials immediately blocked all passenger movements and isolated the area. The gold was found concealed in nylon pouches. According to DRI, the passengers had hidden the gold with the intention of retrieving it later. They suspect the involvement of ground staff and other passengers in connection with the incident.

The contraband was handed over to Customs Department. The passenger was detained and presented before the Court. He was later remanded in 14 days judicial custody.

Recently, Indian airports have seen sharp rise in gold smuggling acts. DRI attributes the rise in smuggling to the decision to hike gold import duty from 2% to 10%, taken last year. The Rajiv Gandhi International Airport in Hyderabad has seen sudden surge in gold smuggling attempts.

via Scrapmonster

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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