Chinese, Tibetans, Ladakhis found involved
Transactions carried out in cryptocurrency
JAMMU, Sept 10:
The Enforcement Directorate (ED) today carried out searches at six places including five locations in the National Capital Region (NCR) and one in the Union Territory of Ladakh in connection with a gold-smuggling racket which was being operated across the Line of Actual Control (LAC) in China.
The searches were conducted simultaneously in the NCR and Ladakh following registration of a case pertaining to smuggling of foreign-origin gold from the LAC with transactions carried out through cryptocurrency (USDT/Tether), the officials said.
Investigations carried out by the Enforcement Directorate revealed that a gold smuggling racket was being operated across the India-China LAC and that more than 1,000 kg of yellow metal worth Rs 800 crore was illegally brought to India with alleged involvement of Chinese, some Tibetans
and locals in 2023 and 2024.
The Directorate of Revenue Intelligence (DRI) also investigated this case (of the 108-kg gold bars) and its probe found that 1,064 kg of foreign-origin gold was transacted and payments were made through cryptocurrency (USDT/Tether).
Ten people were detained by the DRI under the Conservation of Foreign Exchange and Prevention of Smuggling Activities (COFEPOSA) Act and they are still in custody.
An official statement issued by the ED said it initiated a probe into this criminal activity under the Foreign Exchange Management Act (FEMA), following an instance of seizure of 108-kg foreign-origin gold bars by Indo-Tibetan Border Police (ITBP) troops from along the said front in Ladakh in July last year during patrolling in the area.
The ITBP had apprehended three locals following the seizure.
“The probe found that the smuggled foreign-origin gold was being sent “illicitly” by a Chinese national named Bhu-Chum-Chum to a person named Tendu Tashi in India via the LAC (in the Tibet sector),” the statement said, adding Tashi is the “mastermind” and responsible for arranging the entire logistics for the transportation of the smuggled gold bars from Ladakh to Delhi.
It was found that a resident of Tibet, Tenzin Khandap, was the “designated recipient” of the gold from the Chinese national and was tasked with transporting the said gold up to the LAC and handing it over to Indian porters on the Chinese side.
On Tashi’s instructions, the ED alleged, a man named Tenzin Samphel (Khandap’s uncle) recruited two porters to collect the said 108-kg gold from China.
“Tashi has successfully smuggled 1,064 kg of gold worth Rs 800 crore into India from the China border with the help of the other members of his gold-smuggling syndicate during 2023-2024. The smuggled gold was used to be delivered to individuals in Delhi, who in turn used to sell it to various gold jewellers/dealers in Delhi,” the agency said.
The payments for “purchasing” the gold were used to be made to Bhu-Chum-Chum on the Chinese side through cryptocurrency, it added.
Investigations in the case are still on.