Officials recover 40kg gold worth over Rs 12 crore from Noida SEZ exporter

An exporter from Noida Special Economic Zone (NSEZ) was arrested after officials of Directorate of Revenue Intelligence (DRI) recovered more than 40 kg of gold.

The gold was allegedly meant to facilitate illegal exchange of old Rs 500 and banned Rs 1,000 banknotes. The gold is worth over Rs 12 crore and was recovered from various places in Delhi.

The exporter is accused of diverting gold from NSEZ meant for export into the domestic market.

The NSEZ unit imported gold from Dubai for the purpose of making jewellery and re-exporting it to the United Arab Emirates.

TOI reported Imported gold worth over Rs 150 crore is believed to have been diverted to the local market, allegedly benefitting people engaged in the illegal exchange of the scrapped tender with gold bars post demonetisation.

DRI officials have seized fake 'export' consignments of gold, the precious metal replaced with copper, from the exporter.

"In multiple searches conducted by DRI officials on the business and residential premises of the mastermind, 40 kg gold... has been seized and the mastermind of the fraud... has been arrested and remanded in judicial custody," a senior DRI officer said.