4 traders arrested, gold articles worth 5 crore seized

Vijayawada: City Task Force police on Tuesday arrested four gold traders and seized 16.6 kg gold articles worth Rs. 5 crore for doing business without paying taxes to the Government. Two traders hails from Mumbai and the other two from Vijayawada.

According to Task Force police, two Mumbai traders Jayesh Jain (42) and Shilpesh Jain (25) were purchasing gold in Mumbai and selling to the gold traders of Coastal districts without receipts and bills.

The Task Force police under the supervision of ACP G Rajiv Kumar conducted a raid on a shop in Governorpet and caught the traders while selling gold to two other traders Manish Jain and Pankaj Jain without any bills. The police seized the gold articles weighing 16.6 kg and booked a case on the four traders.