Bengaluru, March 12: The Enforcement Directorate (ED) has filed a case in a special court in Bengaluru against Harshvardhini Ranya, also known as 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 an FIR lodged by the Central Bureau of Investigation (CBI) on March 7, 2025, following a complaint from the Directorate of Revenue Intelligence (DRI).
According to the FIR, on March 3, 2025, DRI seized 14.213 kilograms of foreign-origin gold from Harshvardhini 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, in this case.
The ED’s investigation under the Prevention of Money Laundering Act (PMLA) revealed that a total of 127.287 kilograms 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. The proceeds from these sales were found to be in cash and were transferred through various channels both domestically and internationally. This money was laundered through multiple bank accounts and transactions, disguised as legitimate business income.
On May 21 and 22, 2025, the ED seized additional documents, digital devices, and both Indian and foreign currency from 16 locations across Karnataka under Section 17 of the PMLA. Several statements were recorded under Section 50 of the PMLA during the investigation.
The investigation also revealed that assets worth ₹34.12 crore in Harshvardhini Ranya’s name were temporarily seized under Section 5(1) of the PMLA.
It was found that the gold smuggling and money laundering were conducted in an organized manner, involving the purchase of gold from abroad, illegal imports into India, cash sales, and laundering of deposits through holding and banking channels. Such activities undermine the legal trade and financial system, eroding public trust.
A prosecution complaint has been filed under Sections 3 and 4 of the PMLA for the crime of money laundering. The investigation is ongoing.