The Enforcement Directorate has uncovered a significant gold smuggling operation that allegedly funneled over 1,000 kilograms of gold into India, valued at nearly ₹800 crore.
LEH: The Enforcement Directorate (ED) has revealed a large-scale cross-border gold smuggling operation that is believed to have brought more than 1,000 kilograms of foreign-origin gold into India during 2023 and 2024, with an estimated value of nearly ₹800 crore.
This discovery is linked to the seizure of 108 gold bars, each weighing one kilogram, near the Line of Actual Control (LAC) in eastern Ladakh. The bars were intercepted on July 9 by an Indo-Tibetan Border Police (ITBP) patrol at Sirigaple in the Changthang sub-sector, resulting in the arrest of two individuals, Tsering Chamba and Stanzin Dorgyal.
According to the ED, the operation was orchestrated by Tendu Tashi in India, who collaborated closely with a Chinese national identified as Bhu-Chum-Chum. The gold, which originated from Tibet, was transported across the border using porters. Investigators have identified Tenzin Khandap of Tibet as the designated receiver and transporter of the gold, while his uncle, Tenzin Samphel, was responsible for arranging the porters to carry the shipments.
Once the gold entered India, it was moved from Ladakh to Delhi, where it was distributed to various jewellers and dealers. Payments to the Chinese supplier were reportedly made through cryptocurrency, specifically using USDT (Tether), to evade detection by authorities.
The ED has indicated that between 2023 and 2024, the smuggling network successfully brought in 1,064 kilograms of gold into the country. As part of its investigation into money laundering, the agency has conducted searches at five locations in the National Capital Region, including Delhi, as well as one site in Ladakh.
Officials noted that the syndicate had established a sophisticated logistics and payment system to facilitate the cross-border movement and sale of the smuggled gold while evading law enforcement agencies.
The ED has stated that further investigations are ongoing to trace the proceeds of crime and to identify all individuals and entities involved in this extensive smuggling operation.
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