A single shahtoosh shawl, made from the hide of a rare Tibetan antelope, sells on the black market in London for £9,000.
A Sky News undercover reporter - whose name we are not revealing - tells the story:
"I'm drinking tea with a Kashmiri businessman in a hotel in New Delhi. He thinks I'm a wealthy fashion designer from London, about to complete an illegal deal in shahtoosh shawls.
"But it's a trap. I'm filming him with hidden cameras, and hiding in the room next door are officers from India's Central Bureau Of Investigations. They're about to ruin his day.
"Shahtoosh shawls are made from fur from the Tibetan antelope, or 'chiru'. Poachers machine-gun and skin the animal before smuggling the wool into Kashmir, where it is woven into shawls then smuggled into Western Europe for wealthy clients.
"The fibres are so light and soft, that wearing a Shahtoosh has been compared to wearing a 'cloud'.
"China has chosen the chiru as a mascot for the Beijing Olympics. It will be called 'Ying Ying'. But despite having the highest level of protection under international law, demand for its prized wool threatens it with extinction.
"Shahtoosh dealers risk prison if they're caught and it has taken weeks to convince my target I'm a British businessman and not working undercover for the CBI.
"I've built a website for my fake company and scoured the internet for textile wholesalers in India. It's important there's no incitement on my behalf, so requests for shahtoosh must be vague.
"Sending 50 emails at random using the code 'high-grade shawls', I manage a few bites; hints of shahtoosh deals providing I meet face-to-face in Delhi. One of these offers comes from Mr Khan.
"I've researched the basics of international textile trade so I can sprinkle my conversation with talk of, 'export fiscal flows', 'cross-border liberalisation' and 'import tariff quotas'. I'll also pretend I know what they mean.
"When we first met, Mr Khan was suspicious. He called the number on my website to see if it was real. But my girlfriend answered with: "Nicolaou Fashions, can I help?"
"He called again a few days later and asked for me by name. He was told I was on business 'buying shawls in India'. He tested my knowledge of fabric 'microns', but I'd researched that, too.
"Undercover reporting is like building a house of cards. It doesn't matter how carefully you assemble the foundations and layers. A silly mistake near the end will bring the whole lot crashing down.
"Now Mr Khan is no longer suspicious. But he's nervous. He's brought with him 40 shawls, spread out on the bed. He thinks I have a briefcase containing $80,000.
Fur is sold on black market"He admits he's taking a big risk. I tell him I'm taking one too.
"I make small talk to put him at ease, but I watch him closely. It's not unknown for Indians to arm themselves and I have to ensure he's not about to stick me-up and grab the (empty) suitcase. There'll also be a bit of a problem if he demands to see the money first.
"My colleague inspects the shawls to confirm they're genuine. Westerners are often tricked into buying fake shahtoosh. But he signals all is OK and I'm overwhelmed with relief. After months of work, I have my story. I offer to call room service for more tea. But I dial the room next door to alert the CBI.
"Mr Khan looks rather unhappy when police enter the room. But he admits his guilt. He's lost thousands of pounds of stock and will almost certainly go to prison.
"As police question him I get a call from another trader. He's in the lobby and claims he's brought me some shahtoosh. Police hide quietly behind the door and I invite him up. He walks into our trap and is also arrested.
"He's carrying fake shahtoosh and claims he was just trying to cheat me. He insists he's not a shahtoosh dealer. But when police search his car and find 20 genuine shawls hidden in the boot, he begins to weep.
"It's the biggest seizure of shahtoosh in eight years and will act as some sort of deterrent to others.
"But selling just one shahtoosh shawl can make poverty history for a Kashmiri family.
"And as long as "estern buyers fuel the demand, the Chiru remains under threat."