New Delhi: The Enforcement Directorate has provisionally attached 37.064 kg of gold worth more than ₹54 crore as part of a money laundering investigation into an alleged multi state gold smuggling network operating across India.
The action was taken under the Prevention of Money Laundering Act in a case involving Akshay Parshuram Bansode and other unidentified persons.
The seized gold includes 29 large gold bars and 50 smaller gold pieces, along with around 13 grams of silver coloured metal flakes. Assam Police had seized the gold on June 30 from Bansode’s alleged possession at Kharghuli Hatisil in Guwahati. The seized material is currently kept at the Kamrup Metro Treasury.
The ED began its investigation based on a case registered at Latasil Police Station concerning the alleged organised transportation and concealment of smuggled gold and a related criminal conspiracy.
Investigators found that Bansode had allegedly been transporting gold across different parts of the country for several years. He was allegedly working under the instructions of an unidentified person who controlled a network of couriers. The group reportedly used coded identities to coordinate the movement of couriers, with Bansode allegedly receiving a fixed monthly payment.
The investigation has also traced the alleged origin of the gold to Myanmar and the UAE. Payments connected to the transactions were allegedly moved through hawala channels.
Investigators are examining how the gold was allegedly introduced into the legitimate bullion market. Certain traders connected with a bullion refining company allegedly generated invoices that were used to provide the smuggled gold with an appearance of legitimate origin.
A separate individual also claimed ownership of the seized gold using invoices presented as sale documents. However, the jurisdictional court found the documents prima facie fabricated and rejected the request for release of the gold.
Neither Bansode nor the claimant could produce customs clearance certificates, import records or other documents establishing that the gold had been legally acquired and brought into India.
The investigation into the wider alleged smuggling and money laundering network remains underway.
