Hyderabad: An employee of Western Union Money Transfer and three others who smuggled 4.2 kg gold were caught by the police on Wednesday. The police also seized Indian currency worth Rs 16 lakh, 2,500 riyals and 910 UAE dirhams from them. One of the gangsters is absconding.
Hyderabad police commissioner Mahender Reddy said the main reason behind the smuggling is the huge difference in the prices of gold between India and Dubai. “There is a difference of '6 lakh per kg of gold between Dubai and India. They use passengers by giving them commission to ferry gold. The smugglers make a profit of around Rs 2 lakh on a kg of gold,” the commissioner said. The smuggled gold is sold to jewellery stores and people at low prices.
After receiving information the south zone task force team intercepted four persons moving suspiciously in the Chandrayanagutta area early on Wednesday.
Feroz Khan, who is absconding, operates the network from Dubai. He purchases gold from Dubai and sends it in small quantities through passengers. Once the passenger reaches Hydera-bad, Jaffer Ahmed and Syed Wajid collect the gold from them after paying commission. They hand over the gold to Western Union employee Arif Ali Shaik who operates the network in Hyderabad. He sells the gold in the local market with the help of Taheruddin, police said.
The gang had been running the racket since three months. “The money from selling the gold is sent to Dubai by hawala for purchasing gold in Dubai,” added the commissioner.
Since, the issue is not under police purview, the commissioner said the case will be transferred to enforcement agencies.
“After completing formalities we will hand over the gold and the currency to either Customs or DRI or the enforcement directorate,” the commissioner said.
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