Outlook Business Desk
The Central Bureau of Investigation (CBI) has registered a case into a massive gold export scam at Chennai Airport Cargo. The racket, active between 2020 and 2022, allegedly caused the Union government an annual revenue loss of more than ₹1,000 crore.
The FIR lists 13 people, including five Customs officials, one jewellery assessor, a customs agent, and four jewellery manufacturers. This network is suspected of colluding to manipulate gold imports and exports for personal gain at the government’s expense.
Investigators allege the accused misused the Duty-Free Import Authorisation (DFIA) scheme, which permits 24-carat gold bars to be imported only for transformation into 22-carat jewellery for export. Instead, they kept the real gold for domestic sale and shipped counterfeit ornaments abroad.
Instead of exporting pure gold ornaments, the accused allegedly shipped gold-plated brass and copper ornaments. The real gold was then sold in the domestic market, generating unlawful profits while inflicting huge financial losses on the national exchequer.
The fraud came to light in 2022 when the Central Revenue Intelligence (CRI) noticed something off in shipping documents for consignments going to Gulf countries. Checking the packages revealed low-quality ornaments, exposing the large-scale gold export fraud.
With government approval to prosecute the officials, the CBI began its investigation. Teams conducted raids at Chennai Airport Cargo, the homes of the accused, and jewellery shops, seizing documents and equipment used to test gold purity as evidence.
Investigators say the case exposes gaps in customs checks and misuse of trade facilitation schemes. Authorities warn that additional suspects may emerge, and this scam could snowball into a big financial crime involving airport cargo operations.