KOLKATA: The illegal gold market in pockets of Burrabazar are back to business with the yellow metal being smuggled through Bangladesh feeding the spurt in demand. The Department of Revenue Intelligence (DRI) on Saturday night arrested two persons carrying 16.3 kg gold valued at Rs 47 million after they came out of the MG Road Metro station. In the last four days, more than 20 kg gold has been seized by central agencies from areas near Burrabazar.
According to DRI sources, the duo — linked to a Bangladeshi gold smuggling racket — collected the metal from the Ranaghat area. They carried it to Kolkata and then allegedly boarded Metro at Dum Dum. They got down at MG Road and were heading towards a hotel at Burrabazar when DRI officials arrested them outside the station. Metro Railway authority, though, denied having any knowledge of the duo travelling on a train.
While they had some clothes in bags, DRI officials found metallic substances tied around their waists. The duo had concealed gold biscuits in gamochas and tied it as belts around their waists. During interrogation, they revealed that they were supposed to hand it over to buyers at Burrabazar. Most of the gold biscuits had foreign markings on them. DRI sources said they had planned to check in a hotel at Burrabazar and hand over the metal to the buyers.
Three days ago, Customs arrested a person from a Rabindra Sarani hotel with around 3 kg gold biscuits allegedly brought from Bangladesh. According to officials, the man was trying to hand over the gold biscuits to buyers in the Burrabazar area. “There has been a spike in demand for gold in Burrabazar and a lot of movement is being tracked. Some of the bullion traders are buying the illegal gold in bulk and sending it across the states,” said a Customs official.
Illegal trading of gold has seen a huge spurt at Burrabazar after the demonetisation. Prices of the yellow metal in grey market increased by 70%-80% owing to huge demand. Income Tax department and Enforcement Directorate conducted raids in the area for months and the illegal trade in Burrabazar “sonapatty” started ebbing out. While the lull continued for first three months of the year, it started picking up since March-end.
