DRI unearths forex smuggling racket

With the arrest of five persons at IGI Airport here, the DRI has unearthed a foreign currency smuggling racket and seized forex worth nearly Rs 4.5 crore.
It is a case of black money where the smugglers were allegedly taking out money abroad illegally and making it white by declaring it at the airport on return to India, the officials said.
The accused were allegedly involved in hawala trade. They were converting these foreign currencies, mainly euros, into US dollars, abroad, and declaring them while entering into India, officials said today.
The declaration at the Indira Gandhi International (IGI) airportwould help them bring the foreign currency legally into the country, they said.

The officials of Directorate of Revenue Intelligence (DRI) have seized Euros 5.93 lakh and USD 2,350--total worth Rs 4.47 crore--from them.
As per norms, a declaration is to be made at the international airport if a passenger is bringing in foreign currency notes exceeding USD 5,000 or equivalent.

"The syndicate adopted a unique modus operandi by handing over bag containing foreign currencies to passengers travelling by international flights on the domestic route and collecting the same after the security and immigration check," a press releases issued by DRI said.
Three passengers were arrested from IGI Airport and two others at Mumbai Airport yesterday, it said.

"DRI has been very seriously pursuing the hawala and black money syndicates," the release said.