Bangladesh confiscates huge stash of bullion
Print Edition
BANGLADESHI authorities have confiscated half a tonne of gold from a top jeweler, officials said yesterday, amid a crackdown on a booming smuggling trade.
Customs officials raided five outlets of Apan Jewellers over several days last month and seized around 500 kilograms of gold and half a kilogram in diamonds.
“We asked the owners to provide legal receipts (for the gold) but they failed to provide anything,” Customs Intelligence and Investigation Department chief Moinul Khan said.
Gold smuggling in Bangladesh is at a record high. Authorities say a sizeable amount is sold to unscrupulous local jewelers, who avoid paying high import duties by buying on the black market.
Authorities have seized 1.1 tonnes of gold at the country’s airports in the past three years — an unprecedented haul. Much of the gold was smuggled by human “mules,” sometimes inside their rectums.
The gold confiscated from the jewelers during the raid has been handed to the central bank and will be sold at auction, an official said.
The raids occurred after the son of Apan’s owner allegedly bragged about his wealth after he was arrested in connection with a separate high-profile case.
Investigators looking into the source of the family’s wealth found unreported gold worth nearly 2.5 billion taka (US$31.2 million).
Bangladesh doesn’t have any gold mines of its own, and relies on imports to fashion rings and other treasures for its booming middle class.
It has imposed strict quotas and high customs duties on gold.
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