Remand copy exposes Rs 40 crore hawala racket in Ranya Rao gold smuggling case

(News Agency)-Sahil Jain, the third accused in the Ranya Rao gold smuggling case, was found deeply involved in a large-scale hawala money laundering and gold smuggling operation. India Today exclusively accessed his remand copy, which revealed that Jain played a key role in facilitating multiple illegal transactions, assisting Kannada actor Ranya Rao in smuggling and disposing of significant amounts of gold while also transferring large sums of hawala money to Dubai.
According to the remand copy, Jain was involved in several high-value transactions, and allegedly received a commission of Rs 55,000 for each of them. In January 2025, he facilitated the transfer of Rs 30.34 lakh in hawala money to Ranya Rao in Bengaluru. The same month, he also helped dispose of 14.568 kg of smuggled gold worth over Rs 11.55 crore and arranged the transfer of Rs 11 crore in hawala money to Dubai. Additionally, another Rs 55 lakh in hawala funds was sent to Rao in the same month.
In February 2025, Jain further enabled the disposal of 13.433 kg of gold valued at Rs 11.80 crore. He was also involved in transferring Rs 11.25 crore in hawala money to Dubai and another Rs 55.81 lakh to Rao in Bengaluru.
The total transactions uncovered so far include the disposal of 49.6 kg of gold worth Rs 40.13 crore. The amount transferred through hawala networks includes Rs 38.39 crore to Dubai and Rs 1.73 crore to Ranya Rao. Authorities had seized Rs 2.67 crore in unaccounted cash from Rao’s residence on March 4, which is suspected to be the proceeds from these smuggling activities.
Investigators have also recovered crucial evidence from two mobile phones and a laptop belonging to Jain, which are expected to further establish his involvement in the smuggling and money laundering network.
The Special Court for Economic Offences has sent Jain to judicial custody until April 7.