49kg gold, Rs 38.4 crore in hawala transfers: How Karnataka jeweller Sahil Jain helped actor Ranya Rao | Bengaluru News

BENGALURU: Jeweller Sahil Sakaria Jain, originally from Ballari and now residing in Cubbonpet, is suspected of aiding actor Ranya Rao, the prime accused in a gold smuggling case, in selling 49kg of smuggled gold worth over Rs 40 crore, according to the Directorate of Revenue Intelligence (DRI).
The remand application submitted by the DRI to a special court for economic offences on Wednesday detailed how Jain, who came into contact with Ranya in November 2024, allegedly helped her sell the smuggled gold.
Jain, who was arrested on March 26, was produced before the court after completing seven days in police custody. The court remanded him in judicial custody for another seven days, following which he was shifted to Bengaluru Central Prison. He is the third accused arrested in the case, after Ranya Rao and Tarun Konduru Raju.
Gold Deals and Hawala Transfers
The DRI’s remand application alleges that Jain played a crucial role in selling the smuggled gold and managing hawala transactions.
“It appears that he (Jain) assisted and abetted Ranya Rao in disposing of 49.6kg gold worth around Rs40 crore and transferring hawala money of Rs38.4 crore to Dubai. He acknowledged that he assisted in transferring Rs1.7 crore hawala money to Ranya in Bengaluru,” the DRI stated.
Officials suspect that the Rs 2.7 crore unaccounted cash seized from Ranya’s Bengaluru flat on March 4 was likely hawala money—her profit from purchasing gold in Dubai and selling it in India.
Jain also admitted to receiving Rs 55,000 commission per transaction related to these operations, according to the documents.
Breakdown of Alleged Transactions