Three persons were arrested in connection with fraudulent export diversion of more than 500 kg of gold jewellery and 54 kg of gold bangles meant for export were seized, an official said on Friday.
According to Directorate of Revenue Intelligence officials, the racket was involved in diverting gold jewellery meant for export through airports after completion of the export procedure to domestic markets.
"Three persons have been arrested under Section 104 of the Customs Act, 1962 on Friday for knowingly involving themselves in diversion of gold jewellery after completing all customs export formalities and also for illegal disposal of primary gold purchased from nominated agencies in the open market instead of manufacturing gold jewellery for export.
"The diverted gold bangles weighing 54 kgs and valued at about Rs 16 crore meant for export were seized," a DRI official said.
The agency's investigations till now reveal that more than 500 kgs of gold jewellery valued at about Rs 150 crore meant for export has been diverted using the modus operandi by this particular syndicate, the official said.
The agency is investigating whether this modus operandi has been used by other gold jewellery exporters, in the country. The accused gold jewellery exporters had declared exports using 'personal hand carry export procedure' to destinations in United Arab Emirates (UAE) but allegedly diverted the consignments into domestic market by manipulating the procedure.
--IANS
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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