Gold mafia smuggled 8,000 billion centimes using mental ill people’s names

A report received by the Algerian justice minister Tayeb Louh showed that a number of gold importers transferred more than 8,000 billion centimes to foreign banks under the cover of importing.

The gold came from China. The smugglers used commercial registers with poor and mental ill people’s name. This cost the Public Treasury billions of dinars.

The report was released on July 22nd. It says record levels in gold importing were noted in 2013. A number of importers smuggled 14 billion DZ of gold while no more than a billion DZ was imported between 2007 and 2011. 

According to the same source, billions of dinars were smuggled to banks in the UAE with fake invoices and commercial registers.

The report also said some administrators were involved along with businessmen in funding the gold market.

It added that the suspicious importers gained huge profits due to the big difference between currency price in the black market and the official price.