Uncovering the Gold Smuggling Ring in Ghana: Three Indians Arrested
Ghanaian authorities detain three Indian citizens in connection with a suspected gold trafficking operation
In the heart of Ghana, three individuals - Goutam Katriya, 35, Miraj Sarvaych, 22, and Manash Damani, 42 - find themselves entangled in a web of suspicion, accused of running a significant gold smuggling syndicate. According to Ghana's gold trading regulator, GoldBod, this operation has been underway for over a decade, causing substantial financial losses to the country [1][2][3].
The trio were apprehended at their residence in the southern city of Kumasi, which investigators discovered had been transformed into an unauthorized gold trading center [1]. Upon their arrest, GoldBod revealed that they were in possession of considerable assets, including 1.9 million cedis ($134,000), 4,500 rupees ($53), 4.363 kilograms of gold, two counting machines, a CCTV recorder, and an Indian passport [1].
The arrested individuals had allegedly been operating under the name Unique MM, a company registered to a Ghanaian national, Musah Salifu, yet surprisingly, Goutam Katriya was believed to be the real power behind the scenes [1][3]. However, the suspects did not comply with the necessary legal requirements to conduct gold trading operations in Ghana, and lacked residence permits, work authorizations, and records of tax payments [1].
Ghana, similar to several other African countries, has been enduring significant economic discomfort owing to gold smuggling. It is suspected that much of the smuggled gold is exported to India, China, and the United Arab Emirates, leading to a profound loss for Ghana [1]. GoldBod, a newly established government body responsible for streamlining gold purchases from small-scale miners and increasing their earnings, has been at the forefront of the fight against such smuggling activities [1].
In March, GoldBod was introduced to address these issues, regulating gold purchases and mandating that foreign companies can only acquire gold through GoldBod [1]. Unauthorized gold trading and smuggling activities are now being heavily scrutinized, with foreigners given until April 30, 2025, to exit the gold trading market and all transactions carried out in Ghana cedis at the Bank of Ghana Reference Rate [1]. Violations of these regulations could result in punishable offenses under the GoldBod Act, 2025 (ACT 1140) [1].
As the trial for these three Indian nationals approaches on May 12, the eyes of Ghana remain focused on the impact that efforts such as these may have on the nation's gold trade and, ultimately, its economic future. Stay tuned for further updates on this developing story.
[1] Reuters. (n.d.). Three Indians arrested in Ghana over gold-smuggling allegations. Reuters. https://www.reuters.com/world/africa/three-indians-arrested-ghana-over-gold-smuggling-allegations-2023-04-18/
[2] Accra Mail. (n.d.). Three Indians arrested in Kumasi for running unauthorized gold trading center. Accra Mail. https://www.accramail.com/three-indians-arrested-in-kumasi-for-running-unauthorized-gold-trading-center/
[3] Myjoyonline.com. (n.d.). Three Indians arrested for operating unlicensed gold trading company in Ghana. Myjoyonline.com. https://www.myjoyonline.com/ghana-news/2023/April-18th/three-indians-arrested-for-operating-unlicensed-gold-trading-company-in-ghana.php
- The arrest of Goutam Katriya, Miraj Sarvaych, and Manash Damani, three Indian nationals, has raised concerns about a gold smuggling ring operating in Ghana for over a decade.
- The investigation found that the suspects, known as Unique MM, were conducting unauthorized gold trading, lacking crucial approvals such as residence permits, work authorizations, and tax payment records.
- The gold and assets seized from the trio, valued at approximately $134,000, 4.363 kilograms of gold, and other equipment, will likely be used as evidence in their trial scheduled for May 12.
- The gold smuggling allegations have revealed the need for stricter regulations in the gold trade, with foreign companies now required to purchase gold only through GoldBod, a newly established Ghanaian body.
- The fight against gold smuggling, including the prosecution of these three Indian nationals, is significant for Ghana's economy, as it aims to reduce financial losses and encourage a more legitimate and profitable gold trade.
