Afghan man held with Rs 3.4 crore forex at IGI

Tribune News Service

New Delhi, November 11

The Directorate of Revenue Intelligence (DRI) arrested an Afghan national at Indira Gandhi International (IGI) Airport for allegedly trying to smuggle out foreign currency worth Rs 3.4 crore, an official statement by the DRI said.

he Afghan national, a resident of Parwan (North Kabul), was intercepted yesterday at the airport when he was about to depart for Dubai, it said.

He was attempting to smuggle out $4.5 lakh (equivalent to Rs 3.4 crore) by concealing it inside a musical instrument (harmonium), which had a special cavity for concealment, the statement issued by the DRI said, adding that the foreign national has been arrested.

Trend analysis by the DRI indicates that Indian airports are being targeted by international crime syndicates for gold and narcotic drug smuggling and consequently, smuggling of foreign currency in cash.

Smuggling of foreign currency from India has seen a spike in the current financial year. On November 1, the DRI had seized foreign currency equivalent to Rs 2 crore at the IGI airport here.

Earlier this year, another Afghan national was arrested by the Kochi customs department for trying to smuggle out forex worth nearly Rs 11 crore.

The Indian customs has made 167 seizures of foreign currency in the current fiscal, till July, with their value equivalent to nearly Rs 54 crore, leading to 73 arrests, the DRI said.

The value of seizures is more than double as compared to corresponding period in previous fiscal wherein currency equivalent to Rs 25 crore was seized in 120 cases leading to 36 arrests, it said.

During 2017-18, the value of foreign currency seized was Rs 89.7 crore as against Rs 73 crore during 2016-17.

Interestingly, the number and quantity of gold and narcotic drug seizures by Indian customs department have also seen a spike in this fiscal, the DRI said.

"Internationally also the movement of foreign currency in cash by couriers is used by organised crime syndicates to park illicit funds abroad," it said.

"Outward cash smuggling is adopted as an alternative to hawala (informal banking), since it saves 3-5 per cent which is deducted as hawala margin in hawala transaction," the DRI said.