I-T gets clues in Korean gold seizure case, raids city firm

According to sources, the searches were conducted in 40 places belonging to the group, including the head office at Habibullah Road in T Nagar and the liquor brewing unit, Enrico Enterprises Pvt Ltd, in Poonamallee. It is also said that several incriminating documents were also seized during the searches.

The raids were conducted over the company’s suspected connection with a businessman and two South Korean nationals, who were arrested from a hotel in Mylapore on November 30 in possession of hawala money worth Rs 11.12 crore and 7 kg of gold. Sleuths from Directorate of Revenue Intelligence (DRI) of Chennai zone had received a tip-off that gold was being smuggled from a hotel in Mylapore and intercepted a businessman at the parking lot and seized the cash and gold from him. The businessman reportedly admitted that the gold was smuggled from Hong Kong into India by the Korean nationals.

Following this, DRI conducted raids at the house and textile shops of the businessman and seized 1 kg of gold along with cash worth Rs 11.16 crore. The officers also seized Rs 6 crore from the houses of the businessman’s employees. Two assistants of the businessman, who were allegedly involved in the smuggling of gold, were also arrested.

Based on the information they gave, the officers searched multiple premises in Chennai. DRI said the total value of seized gold was about Rs 2.20 crore. Sources in the directorate added that they suspect the businessman had been receiving smuggled gold in a similar manner through other carriers, too. Meanwhile, Income Tax officials said that the raids would continue on Sunday as well.