Kochi: Customs department officials on Wednesday seized 22 kg of gold from a Special Economic Zone (SEZ)- based jewellery-making unit here.
The officials seized the gold while it was being transported out of the zone, in order to be sold to local jewellers. The department informed that the gold was imported duty-free in order to make ornaments and to re-export.
Officials have arrested four persons including Sanjay Nigam, managing director of Ashwini Gold, which had imported the gold. The department raided several jewellery shops in Kochi and Thrissur on Wednesday in this regard.
The Directorate of Revenue Intelligence or DRI registered a case against the listed gold exporting and retail company, which has a unit in the SEZ, that it had allegedly diverted the imported gold as jewellery to the domestic market.
Kochi Customs had earlier seized roughly 100 kg of gold, which was sold in Bangalore, and arrested employees of Rajesh Exports Limited, a Bangalore-based manufacturer and exporter of gold jewellery.
13/08/14 George Joseph/Business Standard
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The officials seized the gold while it was being transported out of the zone, in order to be sold to local jewellers. The department informed that the gold was imported duty-free in order to make ornaments and to re-export.
Officials have arrested four persons including Sanjay Nigam, managing director of Ashwini Gold, which had imported the gold. The department raided several jewellery shops in Kochi and Thrissur on Wednesday in this regard.
The Directorate of Revenue Intelligence or DRI registered a case against the listed gold exporting and retail company, which has a unit in the SEZ, that it had allegedly diverted the imported gold as jewellery to the domestic market.
Kochi Customs had earlier seized roughly 100 kg of gold, which was sold in Bangalore, and arrested employees of Rajesh Exports Limited, a Bangalore-based manufacturer and exporter of gold jewellery.
13/08/14 George Joseph/Business Standard
