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Bengaluru, March 12: The Enforcement Directorate (ED) has filed a case in a special court in Bengaluru against Harshavardhini Ranya alias Ranya Rao, Tarun Konduru, and Sahil Sakaria Jain in connection with a large-scale gold smuggling and money laundering operation.
The investigation was initiated based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) in New Delhi on March 7, 2025, following a complaint from the Directorate of Revenue Intelligence (DRI).
According to the FIR, on March 3, 2025, the DRI seized 14.213 kg of foreign-origin gold from Harshavardhini Ranya at Kempegowda International Airport in Bengaluru, valued at approximately ₹12.56 crore. During subsequent searches, gold jewelry worth ₹2.06 crore and ₹2.67 crore in Indian currency were also recovered. The DRI had filed a prosecution complaint under Section 135 of the Customs Act, 1962.
The ED’s investigation under the Prevention of Money Laundering Act (PMLA) revealed that a total of 127.287 kg of gold, valued at around ₹102.55 crore, was smuggled into India between March 2024 and March 2025. The smuggled gold was sold through a network of handlers and jewelers in the domestic market, with the proceeds being transferred through cash and various channels both in India and abroad. This money was laundered through multiple bank accounts and transactions, disguised as legitimate business income.
On May 21 and 22, 2025, the ED conducted searches at 16 locations across Karnataka under Section 17 of the PMLA, seizing additional documents, digital devices, and both Indian and foreign currency. Several statements were recorded under Section 50 of the PMLA during the investigation.
The inquiry also revealed that properties worth ₹34.12 crore in the name of Harshavardhini Ranya were provisionally attached under Section 5(1) of the PMLA.
The investigation has indicated that the gold smuggling and money laundering were conducted in an organized manner, involving the purchase of gold from abroad, illegal import into India, cash sales, and laundering of deposits through banking channels. Such activities undermine legal trade and the financial system, eroding public trust.
A prosecution complaint has been filed under Sections 3 and 4 of the PMLA for the offense of money laundering. The investigation is ongoing.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
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