In a significant development in Proddatur, YSR Kadapa district, IT officials have concluded inspections in prominent gold shops, leading to the seizure of approximately 300 kg of gold without proper invoices.
Over the course of four days, a team of IT officials from Vijayawada and Tirupati meticulously examined the operations of four renowned gold shops: Busetti Jewellers, Diamonds, Guru Raghavendra, and Tallam.
Proddatur, often referred to as the “second Mumbai” in the gold trade, had recently been under the radar for suspected large-scale illegal gold imports.
Acting on credible information, the IT authorities initiated these inspections, sending shockwaves throughout the city’s gold and jewelry market, which boasts over two thousand establishments.
The seized gold, concealed in cardboard boxes and suitcases, was subsequently transported to Tirupati. Alongside the significant gold haul, authorities also discovered substantial amounts of unaccounted money. The investigations revealed that a substantial portion of the gold had been imported from neighboring regions without proper documentation.
As a result of the ongoing inspections, many other gold traders in Proddatur have opted to temporarily close their shops, including during the Dussehra festival, leaving the people who wanted to buy gold disappointed.
You May Like This
You May Like This
