A joint raid by revenue and anti-terrorim officials on Monday led to the recovery of 87.92 kg of gold bars, valued at approximately Rs 80 crore.

Directorate of Revenue Intelligence (DRI) officials raided a residential flat in Paldi, Ahmedabad, in collaboration with the Gujarat Anti-Terrorism Squad (ATS). According to a Press Information Bureau release, the operation followed intelligence inputs gathered from the Gujarat ATS.

The foreign inscriptions on most of the gold bars suggested that they were smuggled into India.

“Based on the input, we raided the house along with a team of DRI and found the gold consignment. It’s a huge quantity of jewelry and biscuits which could be anything between 90 to 100 kg.. We suspect that a large part of gold was smuggled from abroad, “ATS officials were quoted as saying.

Besides the gold, the operation also uncovered 11 luxury watches, including a diamond-studded Patek Philippe, a Jacob & Co. watch, and a Franck Muller timepiece; and 19.66 kg of jewellery adorned with diamonds and other precious and semi-precious stones.

Rs 1.37 crore in cash was also found at the residence and valuation of the jewellery and watches was going on, according to the PIB release.

The flat reportedly belonged to a person from Kalol in Gandhinagar who had rented it to a stock market operator identified as one Mahendra Shah and his son Megh Shah.

Investigations are still in progress.