ED Raids Six Locations in NCR and Ladakh in Rs 800 Crore Gold-Smuggling Probe

Jammu, Sept 9: The Enforcement Directorate (ED) today carried out searches at six locations — five in the National Capital Region (NCR) and one in the Union Territory of Ladakh — as part of an investigation into a large-scale gold-smuggling racket that allegedly brought foreign-origin gold across the Line of Actual Control (LAC) into India. The probe, which involves cryptocurrency payments, follows earlier seizures and intelligence inputs, officials said.

Scope of the Investigation

ED officials said their action follows registration of a case linked to smuggling of gold from the China border. Preliminary investigations indicate that more than 1,000 kg of foreign-origin gold — estimated at about Rs 800 crore — was illicitly transported into India during 2023–24. The Directorate of Revenue Intelligence (DRI) had earlier probed related transactions, including the seizure of 108 kg of gold bars by ITBP troops during Ladakh patrols last year.

Alleged Modus Operandi

According to statements cited by investigators, the syndicate used cross-border couriers and local porters to move consignments up to the LAC, where handovers to Indian operatives allegedly took place. Payments for the transactions were reportedly routed through cryptocurrency channels — particularly USDT (Tether) — complicating the money-trail for authorities.

Key Individuals and Detentions

The ED statement named a few principal actors allegedly involved in arranging logistics and payments. Officials said that a person identified as Tendu Tashi is being treated as the alleged mastermind who coordinated transportation and onward distribution to buyers in Delhi. DRI had earlier detained several people under the COFEPOSA provisions in a related probe; those detentions remain on record.

Investigations Ongoing

Searches at the six sites were aimed at recovering documents, devices and cryptocurrency transaction records to further the ED’s FEMA-related probe. Sources say the agency is tracing wallet transfers and transactional links that may connect suspects in India to handlers across the border. The matter remains under active investigation and officials said more developments are expected as forensic and financial analyses continue.

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Source: Daily Excelsior (Read original report)

Labels: ED Raids, Gold Smuggling, Ladakh, NCR, Cryptocurrency, DRI Probe

Tags: #GoldSmuggling #EDRaids #Ladakh #NCR #Cryptocurrency #DailyExcelsior

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