Directorate of Enforcement (ED) has provisionally attached movable properties in the form of Cash, Smuggled Gold Bullion, Smuggled Silver, Gold Ornaments and 02 immovable properties belonging to Vijay Baid, key person acquiring smuggled gold and another bullion trader involved in the activity of smuggling- Prakash Sankhla.
According to the ED, the attached properties are 20.27 Kg gold bullion and gold ornaments valued at Rs.9.65 Crore and 4971.396Kg silver including foreign origin silver valued at Rs.33.55 Crore. Also seized 3 more items.
ED initiated investigation on the basis of a Prosecution Complaint filed by DRI under Section 135 of the Customs Act, 1962.
A professional carrier of gold was caught by DRI while carrying gold smuggled through off routes and illicit channels. DRI recovered Gold from his possession which was of foreign origin and was brought into India for its consumption at Raipur by Vijay Kumar Baid alias Vicky and others.
ED carried out search & seizure operations under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in August, 2022and seized cash of Rs. 1.41 Crore being proceeds from the sale of smuggled gold; unaccounted gold ornaments worth Rs 6.16 Crore; gold bullion worth Re 2.06 Crore; silver bullion worth Rs 3.90 Crore from Vijay Baid, Sunil Kumar Jain (M/s. Saheli Jewellers), Prakash Sankhla (M/s. Navkar Jewellers), M/s. Sumeet Jewellers and Dheeraj Baid.
In this case, as of now total Proceeds of Crime has been estimated at, Rs 2,60,97,32,341 in the form of foreign origin smuggled gold estimated at 506 Kg worth Rs 2,30,73,55,021and foreign origin smuggled silver estimated at 4479.7 kg worth Rs. 30,23,77,320 as per the analysis of available documents.
As on date, total properties worth Rs 60.37 Crore has been attached/seized by the ED. Further investigation is under progress.