DRI unearths forex smuggling racket

New Delhi, Aug 21 (PTI) With the arrest of five personsat IGI Airport here, the DRI has unearthed a foreign currencysmuggling racket and seized forex worth nearly Rs 4.5 crore. It is a case of black money where the smugglers wereallegedly taking out money abroad illegally and making itwhite by declaring it at the airport on return to India, theofficials said. The accused were allegedly involved in hawala trade. Theywere converting these foreign currencies, mainly euros, intoUS dollars, abroad, and declaring them while entering intoIndia, officials said today. The declaration at the Indira Gandhi International (IGI)airport would help them bring the foreign currency legallyinto the country, they said. The officials of Directorate of Revenue Intelligence(DRI) have seized Euros 5.93 lakh and USD 2,350–total worthRs 4.47 crore–from them. As per norms, a declaration is to be made at theinternational airport if a passenger is bringing in foreigncurrency notes exceeding USD 5,000 or equivalent. "The syndicate adopted a unique modus operandi by handingover bag containing foreign currencies to passengerstravelling by international flights on the domestic route andcollecting the same after the security and immigration check,"a press releases issued by DRI said. Three passengers were arrested from IGI Airport and twoothers at Mumbai Airport yesterday, it said. "DRI has been very seriously pursuing the hawala andblack money syndicates," the release said. PTI AKV AAR DVAAR