Bengaluru: The Special Court for Economic Offences has reserved its decision on the bail application of Sahil Sakariya Jain, the third accused in the high-profile Ranya Rao gold smuggling case. The order will be pronounced on April 15, following a heated hearing on Wednesday where both the Directorate of Revenue Intelligence (DRI) and Jain’s legal team presented their arguments.
Jain, a jeweller from Ballari, is accused of playing a key role in aiding Ranya Rao, the alleged mastermind, with Hawala transactions and disposing of smuggled gold.
According to the DRI, Jain allegedly helped Ranya transfer Rs 11 crore in January and Rs 11.25 crore in February to Dubai through illegal channels. Additionally, he is said to have facilitated cash delivery of Rs 55 lakh and Rs 55.81 lakh in Bengaluru during the same period.
The central agency further claims Jain assisted in disposing of 49 kg of gold worth Rs 40.13 crore and routed Rs 38.3 crore via Hawala to Dubai while also receiving Rs 1.73 crore through similar means. For each transaction, Jain reportedly earned a commission of Rs 55,000.
The court’s upcoming ruling is being closely watched, as it could impact the trajectory of one of Bengaluru’s biggest gold smuggling cases in recent years.
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