Gold & Silver Seizure in Bhubaneswar: Mystery Shrouds Ownership

Around 50 kilograms of gold and around two quintals of silver were seized by the sleuths of the CT & GST near Bhubaneswar Airport earlier this week. The cost of the gold and silver is said to be around Rs 30 crore. The gold and silver were being transported in two logistics vans. However, the source and ownership of the gold and silver are not yet ascertained.

Though 20 jewellery shop owners have come forward to produce valid documents, there is still suspense over the ownership of 2.5 kg gold and 80 kg silver. Now questions are being raised on why such a huge amount of gold and silver was sent from Mumbai to Bhubaneswar and by whom it was sent?

Under the circumstances, the CT & GST Department has sealed all the gold and silver securely in a room and given 48 hours time to the owners.

As per sources, during the seizure of the gold and silver near Bhubaneswar Airport, though 87 kg of gold was mentioned on the e-way bill, 30 kg of gold was found after opening the box. Similarly, around 1.5 quintals of silver was found though two quintals of silver was mentioned in the e-way bill.

Further questions marks have been raised on why there is so much of difference between the information given on the e-way bill and the actual weight. How so much of gold and silver were sent without having any mentioned address? Was there any plan to evade tax or any racket is functioning behind it? How did the logistics vans manage to cross the high-security zones of the airport? To whom the rest of the gold and silver was to be delivered?

The CT & GST Department has launched a probe into the incident.

“It might have been done to evade tax. They might have been doing it for the last few years. It was found out this time due to the efficiency of the new government. The government will definitely take some action against it,” said chartered accountant Biswadev Das.

As per reports, if nobody comes forward to own the rest of the 2.5 kg gold and 80 kg silver and the concerned logistics company doesn’t pay any tax, it will be sent to the treasury. The logistics company is under the scanner and the GST Department is planning to trace the jewellery trader or the company in Mumbai as part of the investigation.

“If there are no claimants, proceedings will be initiated as per section 130. If the logistics company pays the tax and penalty, it will receive the gold and silver and they may return it to the person from whom they have brought it from,” said income tax advocate, Prashant Satpathy.

However, no comments could be obtained from the logistics company in this regard.