A probe has started, as the DRI is suspecting that jewellers have been using the same modus operandi to route export gold consignments to domestic markets
The Hush Post: The Directorate of Revenue Intelligence arrested a jeweller and his son on Friday for trying to illegally transport gold worth over Rs 16 crore. The entire consignment of gold was in the form of jewellery.
The arrest has taken place two days after the father-son duo were detained at Kolkata airport. The dramatic turn of events happened when all of a sudden an IndiGo flight which was about to take-off from the runway was recalled.
The jeweller, Sanjay Kumar Aggarwal, had taken the flight using ticket booked in his son’s name. His son was simultaneously to take an Emirates flight from Kolkata to Dubai. It has come to light that the jeweller was allegedly diverting gold, meant for export, for sale in India.
Now it has also been found out by the DRI that as per the preliminary questioning of the accused, the jeweller has till now smuggled export consignments of about 1,100 kg of gold jewellery worth over Rs 300 crore.
Gold was purchased from the State Trading Corporation and the Metals & Minerals Trading Corporation of India, and duty exemption was sought with the declared intent to export it. If the gold was purchased for domestic sale, the jeweller would have had to shell out close to Rs 30 crore customs duty besides income tax and other taxes.
A probe has already started, where the DRI suspecting that jewellers have been in the past using the same modus operandi to route export consignments to domestic markets.