In a joint operation, the Gujarat Anti-Terrorist Squad (ATS) and the Directorate of Revenue Intelligence (DRI) seized over 99.5 kg of gold worth an estimated Rs 88 crore from a residential flat in the Paldi area of Ahmedabad. The agencies also recovered approximately Rs 70 lakh in cash during the raid.
At least 35 kg of the gold, in the form of biscuits, is confirmed to have originated from outside the country, officials said on the condition of anonymity. The DRI is investigating whether the gold was legally imported or smuggled.
The operation was carried out based on credible information indicating that large quantities of gold and cash were stored in the locked flat.
The flat, located in Avishkar Apartments, was rented by Megh Shah, a stock market trader and director of Bazaar Bajigar Games Pvt Ltd. Shah is yet to be questioned.
During a press conference on Tuesday, Gujarat ATS officials, including PI Nikhil Brahmbhatt, disclosed further details. Acting on a tip-off about suspected smuggled gold, ATS and DRI officers raided the property.
“The raid led to the seizure of 87.92 kg of gold, other jewellery, and 11 branded watches. In total, over 107 kg of gold, jewellery, and watches worth more than Rs 100 crore were confiscated. Notably, 52 kg of the gold bore foreign markings, raising suspicions of smuggling,” an official said.
The authorities invoked Section 123 of the Customs Act to seize the valuables. Investigations into Shah’s financial activities and business dealings are ongoing.
Approximately 20 officials were involved in the operation, which concluded on Tuesday morning.
Currency counting machines and weighing scales were used to assess the seized gold and cash accurately. Among the recovered items were 879 gold biscuits, each weighing 100 grams, totalling 87.92 kg of gold, along with 19.66 kg of jewellery, Rs 1.38 crore in cash, and branded watches valued at Rs 3 crore.
Further investigations are underway to trace the origin of the gold and determine the legality of its possession.
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