DRI unearths forex smuggling racket

With the arrest of five persons at the Indira Gandhi International (IGI) Airport, the Directorate of Revenue Intelligence (DRI) has unearthed a foreign currency smuggling racket and seized forex worth nearly Rs 4.5 crore.

Police said it was a case of black money, where the smugglers were illegally taking money abroad and making it white by declaring it at the airport on return to India.

The accused were allegedly involved in a hawala trade. They were converting these foreign currencies, mainly euros, into US dollars, abroad, and declaring them while entering India, police said. The declaration at the IGI Airport would help them bring the foreign currency legally into the country, they said. 

DRI officials have seized Euros worth 5.93 lakh and $2,350 total worth Rs 4.47 crore from them.

As per norms, a declaration is to be made at the international airport if a passenger is bringing in foreign currency exceeding $5,000 or equivalent.

“The syndicate adopted a unique modus operandi by handing over a bag, containing foreign currencies, to passengers travelling by international flights on the domestic route and collecting the same after the security and immigration check,” a press release issued by the DRI said.

Three passengers were arrested at the IGI Airport and two others in Mumbai on Saturday, it said.