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3d ago

ED Raids NCR and Ladakh in LAC Gold-Smuggling Probe Alleging 1,064 Kg Moved via Crypto

Investigators say a Chinese supplier used Tibet intermediaries with USDT transfers to route bullion to Delhi buyers.

ITBP team with gold bars they confiscated after busting a cross-border gold smuggling syndicate | By special arrangement
The July 9, 2024, seizure was made by a patrol team of the Indo-Tibetan Border Police (ITBP) Actual Control, which caught two persons with 108 gold bars, each weighing 1 kg (REUTERS FILE PHOTO/Representative Image)

Overview

  • Searches were conducted at five locations in the National Capital Region and one site in Ladakh, yielding incriminating documents, the ED said.
  • The ED alleges the network moved 1,064 kg of foreign-origin gold worth about ₹800 crore into India during 2023–2024.
  • The Directorate of Revenue Intelligence has detained 10 people under COFEPOSA in a related probe, according to officials.
  • The July 9, 2024 ITBP seizure of 108 one‑kg bars in eastern Ladakh triggered the case and led the ED to open a FEMA probe and examine money-laundering angles.
  • The ED identifies Tendu Tashi as the alleged mastermind, names Chinese national Bhu‑Chum‑Chum as supplier, and cites roles for Tenzin Khandap and Tenzin Samphel in moving the metal to Indian porters and onward to Delhi dealers.