Gold export scam: CBI conducts raid in 9 locations across Chennai

CHENNAI: The Central Bureau of Investigation on Saturday conducted raids at nine locations across Chennai, including shops and an airport cargo terminal, linked to a 2022 fake gold export scam. The operation stems from a case where exporters allegedly exploited a government scheme to perpetrate fraud.

Under the Duty Free Import Authorisation (DFIA) scheme, exporters are permitted to import gold duty-free to manufacture jewellery for export. However, investigators found that certain city-based exporters imported the gold, then diverted the precious metal into the local market for sale. In its place, they exported gold-plated counterfeit jewellery to countries like Dubai.

The scam was originally uncovered in 2022 by the Directorate of Revenue Intelligence (DRI), which made seizures and arrested several individuals, also implicating customs officials. The CBI has now registered a fresh case based on new evidence and is pursuing the investigation against the accused parties.