Malabar Gold raided by DRI in connection with smuggling link?

Does the increase in gold smuggling in India and Malabar Gold have any connection? A few days ago, DRI raided the jeweller’s main office after one smuggler confessed of selling the yellow metal to Malabar Gold

Malabar Gold and Diamonds, the rapidly expanding jewellery chain from Kerala was raided by officials of the Directorate of Revenue Intelligence (DRI) at Kozhikode. According to a report from The Hindu, Malabar Gold's main office was raided following a statement given by one of the accused involved in the smuggling of gold from Gulf that he had sold gold to the jewellery group.

 

MP Ahammed, chairman of Malabar group of companies, later clarified with the newspaper that the DRI team had examined in detail gold stock and other related documents at its supply chain management office.

 

As per the news report, DRI's deputy director BG Krishnan conducted the search at Malabar Gold.  However, “no incriminating things or documents were recovered,” according to the ‘mahazar’ prepared by K Salil, intelligence officer, DRI, Kozhikode. A copy of the ‘mahazar’ is in possession of The Hindu, the report says.

 

Interestingly, just last month, the Central Bureau of Investigation (CBI) initiated steps to interrogate John Joseph, deputy director-general of DRI, in the Nedumbassery gold-smuggling case. The CBI, after recording statements of TK Fayaz, a known gold smuggler, C Madhavan, deputy commissioner of Customs and Anil Kumar, assistant commissioner at Customs, decided to go forward with the interrogation of John Joseph.

 

According to a report from Tehelka, the 37-year old Fayaz who was arrested for smuggling gold, had links with leading politicians, celebrities, police and customs officials of Kerala. Quoting customs officials, the report says, that Mustafa, a non-resident Indian (NRI) businessman based in Dubai, and Fayaz had smuggled 42kg of gold worth Rs12 crore during the last two months through the Kochi airport using women carriers.

 

After his arrest, Fayaz confessed that several customs and police officials had facilitated his smuggling activities. The CBI has registered cases against S Madhavan, Sunil Kumar and Soni, an inspector, for aiding smuggling, the report says. However, this is not the only case related with gold smuggling in India.

 

On Sunday, the Customs department arrested 48-member group of Sri Lankans who tried to smugly 10kgs of gold through Kochi airport. Twenty-eight out of the 42 detainees are women, and they had hid the gold ornaments, weighing 300 to 600gms, inside their body.

 

According to a report from New Indian Express, the (Customs) officials now suspect that Dubai based organisations are using the Colombo route to get gold in Kerala because of high alert at Kochi and Kozhikode airports over gold smuggling from gulf countries. “The air intelligence wing suspect a Kerala connection to these incidents as the smugglers would not be able to find enough buyers at Nedumbassery or in Chennai. The officials said they also suspect the presence of a group inside the airport that aids the illegal transport of gold,” the report says.

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    COMMENTS

    MOHAN

    7 years ago

    Smuggled watches worth 65cr seized
    Times of India 31.10.2012

    New Delhi: Given the festive season,there seems to be a spurt in smuggling of high-end watches into the capital.Weeks after seizing smuggled watches worth over Rs 7 crore from employees and owners of a well-known watch company in Delhi,the Directorate of Revenue Intelligence (DRI) has put another big firm with showrooms across the capital in the dock.
    The Delhi zonal unit of DRI on Monday seized 1,750 high-end watches worth over Rs 65 crore from the residences of the owners and employees of the company.According to sources,the agency received information that the company,through one of its employees,had received a large number of smuggled watches in the past few weeks.TNN

    South Mumbai couple arrested for smuggling watches

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    MOHAN

    7 years ago

    Kerala: Over 100 kg smuggled gold seized in the past 8 months

    http://ibnlive.in.com/news/kerala-over-1...

    MOHAN

    7 years ago

    BEWARE OF SMUGGLED & FAKE WATCHES

    http://articles.timesofindia.indiatimes....

    MOHAN

    7 years ago

    All that glitters is not gold, it could be cadmium

    http://articles.timesofindia.indiatimes....

    Did you know that the gold you are wearing could cause cancer

    http://www.karmakerala.com/news/2011/07/...


    The Dangers of Cadmium in Children's Jewelry

    http://voices.yahoo.com/the-dangers-cadm...


    The Gold You Are Wearing Can Cause Cancer

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    MOHAN

    7 years ago

    Film link in gold smuggling

    http://mathrubhuminews.in/ee/ReadMore/30...

    Women seen to be key carriers in Kerala gold smuggling rackets

    http://gulfnews.com/news/world/india/wom...

    Shabas had revealed the names of a ruling party politician and a well-known businessman

    http://truthdive.com/2013/11/28/malabar-...

    More power for vehicle owners after IRDA initiative

    The IRDA has put in a place a composite data of insured vehicles. Now you have the power to be a vigilant citizen

    Two interesting developments that readers may want to know. First, Insurance Regulatory Development Authority, the apex regulator for insurance in India, has put in place a composite database of vehicles that have been insured. Now, with the touch of a button or an SMS, the...

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  • Tata Sons withdraws application for new banking licence

    Tata sons informed RBI and indicted that, its current model best supports the needs of the group’s domestic and overseas strategy

    Tata Sons, the holding company of the India’s largest, $100 billion conglomerate Tata Group, has withdrawn its application of new banking licence.
     

    In a release, Reserve Bank of India (RBI) said Tata Sons has withdrawn its application made on 1 July 2013 for new bank licence and the central bank has accepted withdrawal of the application.
     

    “The company has indicated that its current financial services operating model best supports the needs of the Tata group’s domestic and overseas strategy, and provides adequate operating flexibility to its companies, while securing the interests of the group’s diverse stakeholder base,” the release stated.
     

    Tata Sons in a statement said, "Tata Sons remains committed to financial inclusion and believes that the group’s existing financial services footprint uniquely positions it to provide technology excellence and access to India’s hinterland.  The company shall continue to monitor developments in this space with great interest and looks forward to participating in the banking sector at an appropriate time".
     

    Earlier last week, speaking at BANCON 2013 in Mumbai, finance minister P Chidambaram had said, “In January 2014 new banking licenses will be issued and I wish it would be given to banks with innovative or different models of banking. We need different kinds of banks to cater to different segments in our country. And I would regret if 'clone' banks are given new licences”.
     

    In February, the RBI released guidelines to allow corporate houses to form banks, part of an effort to expand access to financial services in a country where only about half the population has a bank account. With this effect total 26 corporate firms applied for banking licence including big conglomerates like Aditya Birla Nuvo, Bajaj Finance, L&T Finance, and Reliance Capital.
     

    After Tata’s withdrawal Bank licence application count comes to 25. The winners of banking licence are expected to be announced by the first quarter of 2014.

  • User 

    COMMENTS

    Suiketu Shah

    7 years ago

    I wonder when new banking licenses wl be issued?Jan 2014 before elections?In which case we are not far off end Jan 2014 from now.

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