Sambhal. The State Tax Department raided the premises of a Chandausi bullion trader on Friday. The team seized jewelry worth ₹33 crore (approximately $3.3 billion). This included gold, silver, and diamond jewelry. The team seized a total of 891 kg of gold and silver. This action has caused panic among bullion traders.
In fact, the State Tax Department had been receiving reports of some traders taking advantage of rising gold and silver prices by buying and selling without valid documents. Following this, an investigation was initiated on the instructions of Additional Commissioner Grade-2 (Commercial Tax Discipline) RA Seth. After nearly a month of surveillance, a jeweler in Sambhal district was identified. Subsequently, a 10-member team from the Moradabad Zone Enforcement Wing raided the jeweler’s premises on Friday.
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The team raided the showroom and residence simultaneously. During this operation, which lasted for 21 hours, the team recovered 16.638 kg of gold jewelry, 875 kg of silver jewelry, and a 34.43 carat diamond. However, the stock register showed only 439 grams of gold jewelry and 120 kg of silver jewelry. Furthermore, the team found no valid documents related to the purchase of the goods. The value of the seized goods, based on market prices, is estimated at ₹33 crore.
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