95kg gold, Rs 70 lakh cash seized by ATS, DRI from rented flat in Ahmedabad

AHMEDABAD: The state Anti-Terrorist Squad (ATS) and Ahmedabad Zonal Unit of Directorate of Revenue Intelligence (DRI) on Monday evening seized 95.5 kg of gold, along with other valuables and about Rs 70 lakh in cash from a locked apartment in the Paldi area of the city.
The search was carried out based on a tip-off to ATS officials about the possible illegal stash of valuables stored by a father-son duo having their business in Mumbai and Ahmedabad.
Sources close to the development said that the suspects were identified as Megh Shah and his father Mahendra Shah, who were the tenants of the flat at Avishkar Apartment near Mahalaxmi Temple, raided by the ATS. The duo rented the apartment about three years ago. As the house was empty, the cops are yet to question the suspects.
"Prima facie, the suspects are stockbrokers having business in Ahmedabad and Mumbai. As the volume of the valuables is huge, the duo will be asked to prove ownership and furnish relevant bills and documents. Currently, there is no case, but if the gold is found to be smuggled, a probe could be initiated," said an official associated with the probe.
Sources said that one of the theories about the gold states that it belonged to several persons. "It is likely that the gold and cash might not just be of the father-son duo but of other individuals too, who might have business with the duo. But the exact nature of transactions will only be ascertained after questioning the duo," said sources.