Personnel of the Commissioner’s Task Force (CTF) on Tuesday unearthed a gold smuggling racket, operating from Mumbai, with the confiscation of jewellery weighing 16.617 kg, valued at ₹5,05,98,765. Four persons — Shilpesh Jain and Jeyesh Jain of Mumbai and Manish Jain and Pankaj Jain of the city — were arrested for their alleged involvement in the racket.
The gang was allegedly selling gold without any bills and was evading tax causing huge loss to the government.
The modus operandi of the traders was to import the yellow metal illegally from Mumbai and sell the same to the bullion merchants in Guntur, Visakhapatnam, Vijayawada and other places. The team led by CTF Assistant Commissioner of Police (ACP) G. Rajiv Kumar laid a trap and took the four persons into custody, while they were taking gold in a hotel at Governorpet.
Police Commissioner Ch. Dwaraka Tirumala Rao and other officers complimented the task force team for unearthing the racket.