(Image source from: Indianexpress.com)
Ranya Rao, the primary suspect in the gold smuggling case uncovered by the Directorate of Revenue Intelligence (DRI), is attempting to portray herself as a “mule” coerced into her actions, but this narrative lacks credibility. Investigations are uncovering a deeply rooted network that has apparently been functioning for years. According to DRI sources, Rao and actor Tarun Raj Konduru are believed to have run a gold trading business in Dubai named Vira Diamonds Trading LLC and have known each other since their college days. In 2023, they formed a business partnership, establishing Vira Diamonds with equal ownership stakes. Konduru, identified as accused No. 2, was actively involved in managing operations for Rao.
During his questioning, DRI officials uncovered that Rao leveraged her family's connections to enhance her international gold trading operations. The actor is believed to have maintained significant associations within the gold industry, having important clients located in Bangkok and Geneva. Reports suggest that she acquired gold bars from wholesale suppliers in Doha and Geneva, making payments in foreign currency through accounts in Dubai. The DRI is currently investigating these international transactions and related customs documents to understand the extent of the supposed smuggling operation.
Rao's father, Ramachandra Rao, currently serving as the Director General of Police in Karnataka, is anticipated to be interrogated by the DRI. Following his involvement in this case, the Karnataka government has placed him on “compulsory leave.” As outlined by DRI sources, the alleged scheme involved importing gold into Dubai, investing it there, and subsequently rerouting the gold to India. Rao is reported to be the main investor, contributing between Rs 8-10 lakh to the company through her HDFC Bank account.
Sources indicate that this investment enabled Rao to secure a residency card in Dubai, which granted her visa-free access to the UAE, facilitating her frequent gold shipments. Furthermore, it is alleged that the company was involved in importing gold into Dubai, capitalizing on the UAE's absence of gold import duties. Starting in April 2024, it was noted that the gold imports were primarily sourced from Geneva and Bangkok. Additionally, Rao is said to have benefitted from Konduru’s US passport, allowing her to clear gold shipments at Dubai Customs under his name due to his visa exemption. Travel records and financial activities show that Konduru’s flights and hotel accommodations were frequently booked using Rao’s American Express Card.
The DRI's investigation also uncovered significant financial irregularities in the smuggling operations. The remand application specifies an incident in which Vira Diamonds incurred a financial loss of Rs 1.7 crore due to a Dubai seller's failure to deliver gold. DRI officials allege that Rao facilitated this payment through Hawala transactions from India to Dubai.
