In a major operation, the Nawabpet police of Nellore district, on Thursday, busted a gold smuggling racket, arrested 12 bullion merchants, and seized ₹5.83 crore cash from their possession.
“The gold traders, all natives of Kakinada and Rajamahendravaram were intercepted near Nellore railway station, while they were proceeding to Chennai to procure gold,” said Superintendent of Police (SP) K. Tirumaleswar Reddy.
On a tip-off, that the accused were smuggling gold from Tamil Nadu and evading tax, the team led by Additional SP Soujanya, Deputy SP D. Srinivas Reddy and Nawabpet CI M. Baji, took the 12 jewel traders into custody and recovered the cash from them.
“As the traders could not produce any documents related to the cash, police seized the amount, and the case will be handed over to the Income Tax department for further action,” the SP said on Friday. The modus operandi of the accused was to collect cash from the local bullion traders, purchase yellow metal from Tamil Nadu, smuggle the same to Andhra Pradesh without paying taxes and market the jewellery, he added.
