Man trying to smuggle gold purchased with scrapped notes nabbed

A man was arrested by the Air Intelligence Unit (AIU) of Mumbai Customs from the airport here for trying to allegedly smuggle gold he had bought from the grey market using invalidated currency

Mumbai, Nov 18: A man was arrested today by the Air Intelligence Unit (AIU) of Mumbai Customs from the airport here for trying to allegedly smuggle gold he had bought from the grey market using invalidated currency at a premium.

"We have arrested Pranav Chauhan, who was to depart to Canada via Dubai and seized 2.5 kgs gold worth Rs 65 lakhs," a customs official said.

Chauhan would have traded the yellow metal for foreign currency and had planned to bring that currency in India. The official said this may be a unique case wherein attempt was made to smuggle gold out of India.

"Aftereffects of demonetisation is setting new trends in money laundering and smuggling activities," the official said.

The government's move has become a major inconenience to the people, who have been queuing in front of banks and ATMs for lower denomination notes across the country.

Prime Minister Modi, had on November 8, announced that all Rs 500 and Rs 1,000 rupee notes would cease to be valid in all forms of transactions in a bid to tackle hoarding of black money, corruption and terror financing.

PTI