+49 30 6521 24928 (GER / ENG) support@bar9.com

Indian Officials Confiscate 9.3kg of Gold From Smugglers

JP Buntinx
March 19, 2020

Gold is often considered to be a store of value. Transporting that store of value in its physical form is challenging, both in terms of legitimate purposes and smuggling alike.

Seven Smugglers Lose Over 9kg of Gold

A very interesting piece of news is making the rounds. Directorate of Revenue Intelligence officers have arrested 7 people in India. All seven individuals are suspected of smuggling gold. During the arrest, the officers seized 9.3kg in physical gold,  primarily consisting of smaller and larger bars. 

According to the DRI officers, the physical gold has been smuggled from Middle East countries into India. Where the gold originates from in the Middle East exactly, is a different matter altogether. There is no indication that any of it was received through illicit means. More information on that topic may come to light in the coming weeks.

What is rather interesting is how all of these bars have forged foreign markings. The objective of the individuals was to sell it in Mangaluru and districts of North Karnataka. It is possible that they wanted to pass off the bars as legitimate physical gold in an effort to fetch a higher price.

By bringing crude bars to India and remelting the gold into bars with forged markings, a lot of money can be made. Selling contraband is a criminal offense in most countries and can lead to severe jail sentences. 

A Sophisticated Operation

An investigation by the DRI has unveiled the sophisticated approach by the culprits. At first, two individuals were arrested at the Mangaluru Central Railway Station. At that time, a total of 5.6kg in crude form gold was obtained. 

Due to these arrests, the officials were able to obtain information on a third person in this crime ring. That third individual was arrested at the parking lot of the railway station. So far, it is believed that this third individual is responsible for receiving the smuggled gold and moving it to different locations.

The melters turning the crude gold into “new bars” were arrested a few days later in Kozhikode. More gold and sums of cash were seized at that time. Two SUVs were confiscated as well, as both vehicles were used to transport the precious metal. 

Digital Gold is the Future

All of these developments confirm how digital gold is a more than viable alternative. More specifically, it is not something one should explore for illicit purposes. Everyone with honest intentions may want to look at managing their gold and silver portfolios in digital format in the 21st century.

Easily open your Swiss tax free gold vault in under 6 minutes

It’s Free to open a Swiss vaulting account, you can buy and sell gold directly to it instantly.

0 Comments

Trackbacks/Pingbacks

  1. Physical Gold Demand and Price Premiums Spike in Singapore, Bar9 The best way to invest in gold and silver online - […] are looking to take advantage of the lower prices. Investors have been very bearish on gold and silver alike…

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus-Infused Market Volatility is Bound to hit Australia and New Zealand

It now seems that Asian markets are recovering a bit. It is still too early to determine if the coronavirus crisis is under control in that part of the world.

Gold and Silver Futures Turn Bearish as International Demand Weakens

Some analysts expect a new all-time high for gold later this year, although there will be some volatility to contend with before that happens.

BofA Analysts Project a Silver Price of $30 as US Dollar Keeps Weakening

Contrary to what most people expected, the US Dollar is not performing all that well. The greenback is losing value against all major currencies.

5 Reasons why Investing in Physical Gold is Always Worthwhile

Regardless of buying digital or physical gold, this precious metal is always worthwhile to investors. It is one of the few markets that offers key advantages one will rarely find in other assets.

Fortuna Silver Mines Notes Steep Silver and Gold Production Decrease in Q1 2020

More specifically, the production of both lead and zinc has increased by 8% and 5% respectively. This is a somewhat unexpected “bonus” for this mining operation.

Gold Bug Profile: Howard S. Katz

Even though Katz is rightfully called an early gold bug, it is evident that he was all too aware of how the markets evolved at any given moment.

Gold Bug Profile: John Paulson

It is also worth noting that the gold sector has treated Paulson rather well in his career. Back in 2010, he set a hedge fund record by making almost $5 billion in just twelve months.

Silver Bug Profile: Peter Leeds

Similar to his opinion on gold, Leeds is very hopeful when it comes to silver. In fact, he considers it to be the top investment for 2020 and possibly beyond,

Where to Store Gold: Switzerland vs America

Savvy investors will already choose physical gold to avoid the counterparty risk of futures accounts, ETFs, and other forms of paper gold. But the jurisdiction of gold storage represents another, often overlooked counterparty risk.  When disaster strikes and the...

Gold Bug Profile: Peter Thiel

Since his tenure at PayPal, Peter Thiel has made a lot of headlines due to his investments. More specifically, he is an active VC for tech companies in their early stage of development.

Gold Bug Profile: Adrian Ash

Ash is convinced that owning both gold and silver – either as part of an active portfolio or just in terms of hard assets generally – makes a lot of sense

What are Silver Mining Stocks and why do They Matter?

Before making any financial commitment, it is pertinent to note which types of stocks there are and what they represent. Investing blindly is never a smart idea, thus doing research is crucial.

Physical Gold Demand and Price Premiums Spike in Singapore

While the physical demand for bullion rises, the modern age warrants looking at digital solutions. Opening a portfolio for digital gold and silver on Bar9 is a great way to be exposed to different markets.

Recent Actions by the Federal Reserve may Spark Demand for Gold and Silver

Such extreme measures often come at a long-term cost, however. While the measures taken allow for stock markets to rebound, it also devalues the US Dollar.

Silver Bug Profile: Ralph Aldis

Ralph Aldis has also been named twice as a US Metals and Mining “TopGun”. This title is “awarded” by Brendan Wood International every single year. He is also the Best Americas Based Fund manager in 2016, awarded by Mining Journal.

Gold, Silver, and Crypto Markets Seem Poised for a Massive Bounce

For companies that are publicly traded – and often work over the weekend – having 24/7 exposure across the markets would be ideal.

Logistical Issues in Argentina and Mexico can Trigger a Much Bigger Silver Shortage

Industries note stronger demand for silver than normal. An interesting turn of events, and combined with a decrease in production, anything can happen.

4 Reasons to Start a Long-term Gold Investment Right now

For investors with a risk for appetite, investing in gold mining stocks can be a viable option. As all of the facets above line up one after another, the gold price is likely to increase.

Silver Bug Profile: Keith Neumeyer

Keith indicated that there would be a new bull market for all precious metals in the next few years. So far, 2020 has proven that sentiment correct, although $130 remains a lofty silver price target.

Silver Bug Profile: Alisdair Macleod

In the modern era, Macleod is best known for educating the masses on how governments handle money and the potential consequences.

Translate Blog Post

Article Categories

Blog Stats

  • 95,384 hits

Follow the CEO on Twitter

%d bloggers like this: