Srinagar : The Directorate of Enforcement (ED) on Tuesday conducted searches under the Foreign Exchange Management Act, 1999 (FEMA) at multiple locations in Delhi-NCR and Ladakh, following the seizure of 108 kg of foreign-origin gold by the Indo-Tibetan Border Police (ITBP).
Reports said that the operation has led to the recovery of incriminating documents related to a larger investigation into gold smuggling. The Directorate of Revenue Intelligence (DRI) has also been involved, revealing that a total of 1064 kg of foreign-origin gold was transacted, with payments made using USDT/Tether cryptocurrency. As a result of the investigation, 10 individuals have been detained under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act (COFEPOSA) and remain in custody. The investigation has identified a Chinese national, Bhu-Chum-Chum, as the primary source of the smuggled gold, which was illicitly transported to an individual named Tendu Tashi in India via the Indo-China border. Tashi is considered the mastermind behind the logistics of moving the gold from Ladakh to Delhi for further distribution. Additionally, Tenzin Khandap, a resident of Tibet, was designated to receive the gold from Bhu-Chum-Chum and was responsible for its transport to the border, where it was handed over to Indian porters. Under Tashi’s direction, Tenzin Samphel, Khandap’s uncle, recruited two porters to collect the 108 kg of gold from China. The investigation has revealed that Tendu Tashi successfully smuggled 1064 kg of gold, valued at approximately Rs 800 crore, into India during 2023 and 2024. The smuggled gold was sold to various gold dealers in Delhi, with payments made to Bhu-Chum-Chum on the Chinese side through cryptocurrency. Further investigations are ongoing.
