A special Thane police team conducted raids at three jewellery stores in Ulhasnagar and recovered unaccounted gold and silver ornaments worth over Rs 2.29 crore.

The raids were conducted on Thursday night by a team led by ACP V M Rathod, at Dilip and Sons, Sai Baba Jewellers and Gala no 33 of Jai Ambe building. "We have seized the ornaments, and are investigating," said Rathod.

Meanwhile, an officer who was part of the investigation revealed, "The jewellers bought ornaments from burglars in Badlapur, Ambernath, Shahpur and Thane at discounted rates.

Later, they would melt them, mould them into jewellery and sell it to new customers."

He added that they had the support of local police and hence, carried out their activities without worry.

"They allegedly paid Rs 1.5 lakh to officers of Ulhasnagar-1 police station and Rs 60,000 to the Ulhasnagar Crime Branch," said the officer.

Last week, the same team had nabbed a man with Rs 40 lakh in cash.

The money was being sent from Ulhasnagar to Bhiwandi through hawala channels and was meant for the payment of bets made during the recently concluded India-South Africa cricketu00a0series, added the
official.