Currently a series of foreign currency smuggling attempts which was reported at RGI Airport which has made very clear that the city based hawala operators have been transporting huge amount of foreign currency in small suit cases.
The Directorate of Revenue Intelligence (DRI) sleuths have made an arrest of four city men and have seized nearly 3.56 crores worth foreign currency from their possession. In both the cases which was identified the offenders were travelling to Dubai and in another case it was found that the accused was travelling to Sharjah.
During the recent arrest the DRI sleuths were stunned to see the smugglers carrying Australian dollars, Saudi riyals, Omani riyals, Qatar riyals and Kuwaiti dinars to UAE which was flummoxed intelligence officials. The smuggled foreign currency will be converted into Indian rupees in UAE for the best exchange price.
The Indian currency which was obtained from the illegal changes is used to purchase products or invest in businesses of the book by persons who wish to operate in the grey market. If Rs.3.65 crores has been seized over the past three months in three incidents, imagine how much money has been smuggled out of the country by much such type of groups.
