Operation ‘Torre del Oro’: In Kerala, 108 kg of ‘unaccounted gold’ seized

Thrissur is considered to beryllium the hub of golden jewellery manufacturing successful Kerala, with galore salient jewellers having their roots here.

According to GST Special Commissioner Abraham Renn S, officials were looking into the past 5 years of unaccounted transactions done by golden manufacturers here. “It was during the hunt that we seized the unaccounted gold. We person recovered grounds for monolithic unaccounted transactions which are being probed further. The hunt covered 78 premises of 38 institutions,” helium said.

On the modus operandi of the alleged amerciable business, the commissioner, who led the hunt operations, said: “Jewellery manufactures volition mobilise golden from assorted sources. After making ornaments, these manufacturers volition merchantability the products to showrooms, which volition again merchantability the ornaments to the customers without immoderate invoice. Our hunt included respective large manufacturers successful Thrissur. While the hunt was held astatine the premises of the manufacturers, the relation of the merchants would beryllium looked into further investigation”.

On the root of the alleged unaccounted gold, the commissioner said smuggling cannot beryllium ruled out.

Jewellery Manufacturers Association (Kerala) wide caput AK Sabu said the organisation had ever advocated for “accounted transactions” with GST bills.

“We are not against the searches. We had conducted an enlightening run among the manufacturers.  Manufacturers successful Thrissur person concern crossed the state, selling golden ornaments to astir 7,200 shops. Many showrooms are not acceptable to springiness GST bills to manufacturers of ornaments. They (showrooms) volition discourage the GST bills saying they person manufactures who bash not importune connected GST bills. Hence, others are besides forced to bash the concern without immoderate documents. There are small-scale manufacturers, who marque golden ornaments successful their houses and merchantability to a wholesale dealer. Such small-scale entrepreneurs are not wrong the GST system,’’ helium said.

Sabu said astir manufacturers beryllium upon aged golden ornaments and bullion. “We are not dealing with smuggled gold,” helium said.