Updated: October 4, 2020 6:53:39 pm
Sources revealed that the shipment was picked up locally by courier services. Except for random names, a phone number, and also the destination, no other specific details are available.
A seizure of 21 kg of jewelry by customs officials at the national air cargo complex of Rajiv Gandhi International Airport in Hyderabad is likely to open a can of worms.
Even 24 hours after the seizure, to the surprise of officials, no one has approached officials to claim the seized shipment. At least a dozen jewelers, some of whom are said to be big players in the market, are known to be under scanner now.
Of the seized gold, up to 18 kg were found in the form of gold jewelry. It is made up of silver coated bracelets that indicate the intention to hide the gold. Another 2 kg are in gold biscuits bearing foreign brands that are suspected of being smuggled into the country. A kilogram of diamond-encrusted jewelry, diamonds and a Rolex wristwatch were among the seized material.
Sources told indianexpress.com that the senders of the gold have been identified and action is being taken. Except for 700 grams of gold, which officials say is highly undervalued, no other invoices were found.
One case is recorded and while the investigation is ongoing, central GST officials have come together to investigate the interstate movement of gold jewelry without any invoice. Officials from the Income Tax and Compliance Directorate are likely to launch an investigation into tax evasion and money laundering aspects involved in the gold trade.
Sources revealed that the shipment was picked up locally by courier services. Except for random names, a phone number, and also the destination, no other specific details are available. Sources told indianexpress.com that the senders of the gold have been identified and action is underway. Except for 700 grams of gold, which officials say is highly undervalued, no other invoices were found.
“In the case of foreign-branded bullion and hidden gold like silver-plated bracelets, we are very confident that they were smuggled into the country. About the gold ornaments, we do not know the source as they have no supporting invoices. These could have been smuggled gold turned into jewelery and sent to other cities. Most of the payments in the gold trade are in cash and, therefore, those aspects should be investigated by the interested agencies ”, said a source.
Gold imports, he noted, are only allowed through RBI-designated agencies and through banks, leaving a trail of documents and invoices for transactions. These bills are also required for interstate commerce.
It is the first time officials have come across such a shipment of gold that is sent to other cities by air. “Usually these deals related to interstate movement are done by road. We still have to find out why courier and air cargo services were used in this case, ”he added. You also need to find out if Mumbai was the final destination or if the shipment was to be sent elsewhere.
On the basis of specific supplies, RGIA Customs officials had seized the shipment on Saturday.
“Gold ornaments, foreign gold bars and cut pieces of 999 clarity, loose diamonds, precious and semi-precious stones, stainless steel watches, platinum caps and old coins without proper documentation. The total weight of the seized gold bars is 2.37 kg. The total weight of the seized gold ornaments is 5.63 kg. The total value of the seized shipments is Rs 6,62,46,387, ”said a press release.
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