Gold: Bullion traders arrested for evading customs on gold | Mumbai News

Gold: Bullion traders arrested for evading customs on gold | Mumbai News
Gold: Bullion traders arrested for evading customs on gold | Mumbai News
Mumbai: Two bullion traders who imported 37 kg of duty free gold worth Rs 18 crore under the Advance Authorization scheme and foreign trade policy were arrested after they failed to fulfill their export obligations. They sold the gold in the open market, pocketing the money and causing significant losses to the exchequer. The arrests were made under the provisions of the Customs Act after the sessions court denied their pre-arrest bail. Acting on intelligence, the DRI conducted searches at various locations associated with Diavon Fine Jewels, including their offices in BKC, Opera House at Grant Road , Dahisar, Vile Parle, and Surat in Gujarat. The investigation revealed that the firm had imported plain gold bars (purity 0.995) in 2015-216 but failed to meet the export obligations as per the Foreign Trade Policy, diverting the imported gold domestically. The registered office at BKC was found to be a virtual or dummy office shared by other legal entities, while the alleged manufacturing unit in Dahisar showed no signs of production or workers. The accused not only imported gold illegally but also evaded a custom duty amounting to more than Rs 3.38 crore on the import of golf worth Rs 18 crore, officials said.

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