DRI Discovers 88 Kg Gold Bars at a Residential Flat in Ahmedabad

On March 17, 2025, the Directorate of Revenue Intelligence (DRI) raided a residential apartment in Paldi, Ahmedabad. With inputs from the Gujarat Anti-Terrorism Squad (ATS), it uncovered 19.66 kg jewellery, 88 kg gold, and other smuggled artifacts.

What Did the Government Find?

During the operation, the officials also discovered a Patek Philippe watch studded with diamonds. It also discovered 10 additional luxury watches. Most of the precious stones-studded artifacts bore foreign markings, and were cleverly smuggled by the individuals from other countries.

The search operation unearthed 87.94 kgs of gold bars. Estimates suggest that their current market value is roughly ₹80 crore. The officials also discovered 19.66 kg worth of Franck Muller jewellery and watches. They also found ₹1.37 crores of cash and a Jacob & Co timepiece.

Gold Smuggling in India 

In Smuggling in India Report 2021-22, the DRI was found to have confiscated 833 kg of smuggled gold. This was approximately worth ₹500 crore. The agency had witnessed 16,555 cases of gold smuggling during August 2015-2020. In this period, people had smuggled over 11 tons of gold.

As per news reports, Maharashtra, Tamil Nadu, and Kerala have smuggled the highest amount of gold in the past 10 years.

Gold Imports of India

India’s gold imports surged by 40.79% and reached US$2.68 billion in January 2025. This was attributed to rising demand for gold for safekeeping and investing. Reduction in customs duties and rising gold demand from banks were other reasons behind the growth.

In January 2024, the government had imported US$1.9 billion.

During April 2024 to January 2025, gold imports surged by 32% to reach US$50 billion from US$ 37.85 billion last year. News reports suggest that gold prices have surged by 11% this year. In Delhi, 10 grams of gold is available for ₹88,200.

Gold accounts for over 5% of India’s overall imports. The main nations exporting gold to India are:

• Switzerland (40%)
• The UAE (over 16%)
• South Africa (around 10%).

After China, India is the second-biggest gold consumer globally.

Conclusion

The discovery of illegally-held gold items underlines the government’s efforts to curb black money generation in the country. Currently, authorities are investigating the smugglers, and are yet to capture them. However, rising alertness among agencies regarding gold smuggling is expected to have a favourable impact on wealth distribution and economic equality.

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