In a major raid conducted by Gujarat Anti-Terrorism Squad and the Department of Revenue Intelligence in Ahmedabad, more than 100 kg of gold and over ₹2 crore in cash was recovered from a flat in Paldi on Monday, sources said.

Based on a tip-off from neighbours at Avishkar flat in Mahalakshmi area of Paldi, sleuths of the ATS and DRI raided the flat around 2.30 pm. The raids continued till late in the evening at flat number 104.

As per sources, the flat belonged to Kalyani Sheth of Kalol. It was rented out to stock market operators Mahendra Shah and his son Megh Shah.

As per the preliminary estimate when counting began: around 95.5 kg of gold jewellery and gold biscuits were recovered and cash amounting to ₹70 lakh was also recovered. 

Sources indicate that the authorities first raided the residence of Pammi Shah, Megh Shah’s sister, who resides in Flat No. 403 of the same building. Subsequently, the officials carried out another search operation at Flat No. 104.

Megh Shah, originally from Jetarda village near Vav-Tharad in Gujarat, has been a prominent figure in Mumbai's stock market circles. Reports suggest that the flat under investigation had been rented out for the past three months.

As per the neighbours, the flat was closed and suspicious people kept visiting the place at night.

Till reports last came in, the raids were continuing and ATS sources said that the haul is going to increase.