Mmtc-Marked Gold Seized From Hawala Dealer

Sleuths of the Enforcement Directorate (ED) have seized over one kg of MMTC-marked gold from a hawala-dealer whose premises were raided on Monday.

This gold should have been in the possession of a jewellery manufacturer in the custom-bonded Noida Export Promotion Zone (NEPZ) but was smuggled out. Sources said the gold can easily be traced to the jewellery manufacturer from whom it was obtained by the hawala dealer (a person illegally dealing in foreign exchange).

Sources in the gold jewellery trade said besides the MMTC-marked gold, sale proceeds of gold worth over Rs 12 lakh and $ 25,000 have been seized from the hawala dealer identified as Bhagwan Das Jadhav.

In addition, papers relating to registration of prime properties in Karol Baghs commercial area have also been seized by the sleuths.

Five persons, who were later produced in a court, have been arrested by ED in this connection and more arrests are not ruled out.

Jadhav was yesterday described by officials as the biggest hawala dealer in the Karol Bagh area and among the better known ones in the capital. They said the gold and foreign currency being smuggled from Nepal was being regularly brought to Jadhav for a change of hands.

This also shows how easily gold can be smuggled out from the custom-bonded area at NEPZ despite all the recent hue and cry over the shortcomings in the commerce ministry scheme for gold jewellery exports, said an official.

It is believed that Jadhav was not the final beneficiary and more raids are expected at various places in the capital by the sleuths.