Money for gold smuggling raised through funding not pooling; probe at turning point
Kochi: The investigation by the National Investigation Agency (NIA) and other agencies have taken a new turn as it has come to light that the money required for the gold smuggling in diplomatic baggage was accumulated not only through pooling. The probe agencies have found out that there was funding from Dubai also.
Earlier, the agencies were on the assumption that money for smuggling was collected through pooling. However, it was found out later that the gold that was smuggled to Kerala was worth much more than the amount accumulated through pooling. The agencies suspect that gold smuggling was used as an easy way to raise fund for terrorist activities.
Those who invested money for smuggling do not know others on the chain. This also is being probed by the agencies. The involvement of CBI in the case also was crucial. The Ministry of Home Affairs and the finance department also focused on the case after this.
The NIA is yet to receive evidences collected by the Customs in the initial phase. The Customs officials have handed over the same to C-DAC for examination. This affects the probe. C-DAC gives the mirror image of the digital evidences to the NIA as soon as it is handed over. NIA also have the facility to examine the evidences.
Pooling is collecting money from different people for gold smuggling. In most cases, black money is given for such deals. Starting from Rs 5 lakh, any amount can be invested for this.
Gold equivalent to the invested amount will be handed over. As the investors have no direct connection with smugglers, they are less likely to get arrested.
Funding is collecting complete amount from abroad. These funds are given by terrorist outfits. Also, gold is used as a means to bring black money to India.