VIJAYAWADA: Sleuths of Commissioner’s Task Force (CTF) intercepted a private cargo courier and seized 20 kg of unaccounted gold ornaments worth Rs 17 crore and recovered Rs 10 lakh cash from four persons involved in the transaction at Gannavaram Airport in Vijayawada on Wednesday evening.
According to CTF officials, the courier came from Mumbai and was collected by people, here in the city.
The excess gold was being transported without any bills or proof of customs duty being paid on it.
Explaining the modus operandi of the accused, a senior CTF official said that the accused procured the precious metal from goldsmiths in Mumbai at a cheaper price by evading taxes and supplied the same to traders in the city at exorbitant price with taxes.He added that several traders are involved in the business to earn quick buck through illegal transportation of the gold.
Elaborating further, the official said that almost a month ago, the Directorate of Revenue Intelligence (DRI) seized gold worth Rs 13.3 crore in several raids across Vijayawada, Nellore and Hyderabad from people travelling in buses and trains who were caught possessing 31.2 kg of unaccounted gold jewellery.
"Upon receiving credible information, we intercepted a private cargo courier and seized 20 kg of unaccounted gold jewellery. As part of our investigation, we questioned the accused and the traders associated with the courier," the official said.
"Once we gather proper evidence, punitive action would be taken against the accused on charges of illegally transporting the precious metal," he added.