Items worth over ₹100 crore seized from share trader’s flat in Ahmedabad
Police superintendent SL Chaudhary said that the flat in Ahmedabad’s Paldi was raided based on a tip-off that smuggled foreign gold was kept there
Cash, gold, jewellery, and luxury watches estimated to be worth over ₹100 crore have been seized from a flat rented to Mumbai-based share trader Meghkumar Shah in Ahmedabad’s Paldi.
Police superintendent SL Chaudhary said the flat was raided based on a tip-off that smuggled foreign gold was kept there. The recoveries included 87.9 kg of gold bars and 19.6 kg of jewelry totaling 107.5 kg.
Investigators said 52 kg of the gold bars bore foreign markings, indicating that they were smuggled. The jewellery recovered is adorned with diamonds and other precious and semi-precious stones. Eleven high-end watches, including a diamond-studded one, were among the luxury items seized.
Investigators said the exact valuation of the jewellery and luxury watches was being assessed. Cash amounting to ₹1.37 crore was also recovered.
Investigators said Shah’s relatives were present during the raid but failed to produce any valid documents to account for the seized items. They added that legal proceedings have been initiated in the matter under Section 123 of the Customs Act.
The investigators were probing the source of the foreign-marked gold and possible links to organised smuggling networks. They added further probe was underway to uncover the broader nexus and the complete network behind the illegal operations.
