Two gold traders held, 8.80 kg gold seized in Vijayawada

Vijayawada: City Task Force personnel arrested two gold traders and seized 8.8 kg gold worth Rs 3.18 crore in Ibrahimpatnam Ring centre on Sunday. According to commissioner of police Dwaraka Tirumala Rao, two bullion traders, Jayesh Jain of Mumbai and Pagolu Srinivas of One Town, Vijayawada, purchase gold in Mumbai and bring to city to sell to jewellery traders.

However, the two traders do not pay taxes to the government as per the rules. On Sunday, a Task Force team took them into custody when the duo was moving in a suspicious manner in Ibrahimpatnam junction.

The police found 8.80 gold ornaments with the traders and confiscated it. The Task Force police informed the Income Tax and GST officials on arresting the two traders for illegal trading of gold. Ibrahimpatnam police are investigating the case.