Ahmedabad: Based on an intelligence report about smuggled gold, the Gujarat Anti-Terrorism Squad (ATS) and the Directorate of Revenue Intelligence (DRI), in a joint operation, carried out a raid on a locked apartment in Paldi on Monday evening. The search led to the recovery of 87.92 kilograms of gold bars, valued at around ₹80 crores. The majority of the gold bars bear foreign markings, indicating that they were smuggled into India.

The operation also uncovered (i) 11 luxury watches, including a Patek Philippe watch studded with diamonds, a Jacob & Co. timepiece, and a Franck Muller watch; and (ii) Jewelry weighing 19.66 kilograms, studded with diamonds and other precious/semi-precious stones. The valuation of the jewelry and luxury watches is in progress. In addition, cash amounting to ₹1.37 crores was also recovered from the residential premises.

ATS Deputy Inspector General (DIG) Sunil Joshi, in a press conference on Tuesday, said, “An individual named Meghkumar Mahendra Shah, living in Mumbai, had taken a flat on rent here. That flat was raided in the presence of his relatives, and around 87.92 kilograms of gold bars, along with 19.66 kilograms of jewelry, were found. The haul also included 11 luxury watches. The total value of the seizure exceeding approximately ₹100 crore. Cash worth ₹1.37 crore was also seized. Further investigation is ongoing regarding how and from where the accused obtained these items. Meanwhile, the DRI, a very capable agency, will determine the sources of all these items.”

“Prima facie, we can say that out of the 87 kg of gold found in bar form, 52 kg of bars have foreign origin marks, which suggests that they were smuggled from abroad. The accused used the house for storage, and the main accused has not been arrested yet. Further details will become clear once he is apprehended,” he added.

Acting on the tip-off, officials raided a flat in Avishkar Apartment near Mahalakshmi Crossroads. The flat reportedly belongs to a Kalol-based individual who had rented it to stock market operator Mahendra Shah and his son Megh Shah. Officials suspect the duo, who are prominent stock traders operating in Mumbai and Ahmedabad, were involved in smuggling a substantial portion of the gold from abroad.

ATS officials had found gold bars and cash neatly packed in multiple boxes. To facilitate counting, they brought in cash-counting machines and digital weighing scales, with the process extending late into the night.

As the apartment was unoccupied at the time of the raid, authorities have yet to interrogate them. Initial findings suggest they are stockbrokers operating in both cities. Officials stated that if the gold is proven to be smuggled, an investigation will follow.

The agencies speculate that the seized gold may belong to multiple individuals linked to the duo. “The exact nature of the transactions will be clear only after questioning them,” a source told the media. The further investigation is ongoing. DeshGujarat