Police Superintendent SL Chaudhary reported that a raid was conducted on a flat in Paldi, Ahmedabad, following a tip-off regarding the presence of smuggled foreign gold. The operation led to the seizure of cash, gold, jewelry, and luxury watches valued at over ₹100 crore from a property rented by Meghkumar Shah, a share trader based in Mumbai.
During the raid, authorities recovered 87.9 kg of gold bars and 19.6 kg of jewelry, totaling 107.5 kg. Investigators noted that 52 kg of the gold bars had foreign markings, suggesting they were smuggled. The jewelry included pieces embellished with diamonds and various precious and semi-precious stones, along with eleven high-end watches, one of which was diamond-studded.
The precise valuation of the jewelry and luxury watches is currently being determined. Additionally, cash amounting to ₹1.37 crore was confiscated.
Shah’s relatives were present at the time of the raid but were unable to provide valid documentation for the items seized. Legal action has been initiated under Section 123 of the Customs Act.
Investigators are examining the origins of the foreign-marked gold and exploring potential connections to organized smuggling networks. They indicated that further investigations are ongoing to reveal the broader network involved in these illegal activities.
