Gold worth 5 crore seized, 4 held

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Police arrested four traders and 16.6 kg gold articles worth Rs 5 crore were recovered for doing business without paying taxes to the Government on Tuesday. Two accused were caught from Mumbai and other two accused from Vijayawada.

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Police said that 2 Mumbai traders Shilpesh Jain (25) and Jayesh Jain (42) were buying gold in Mumbai and selling to the gold traders of Coastal districts without bills.

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The police conducted a raid on a shop and arrested the traders while selling gold to other two traders Manish Jain and Pankaj Jain without receipts and bills. The police seized the gold articles weighing 16.6 kg worth Rs 5 crore and lodged a case against four traders.

 

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