Unaccounted gold ornaments worth Rs 5 crore seized in Hyd

Hyderabad Police yesterday seized unaccounted gold ornaments worth Rs 5 crore and nabbed three persons, a senior officer said today.

According to police, the trio couldn't produce any tax receipt or valid records about the source of the ornaments, weighing 15.23 kg.

"Jewellery shop owner Yashaswi Agarwal (30) handed over the gold ornaments to his employees--Vaishnav M K and Pradeep Agarwal--last night and asked them to sell them in Mysuru and Bengaluru," said Hyderabad Police Commissioner V V Srinivas Rao.

He said Vaishnav and Pradeep Agarwal were travelling in a vehicle with the jewellery when a police team conducting vehicle checking asked them to stop, but they fled.

"Another police team intercepted their vehicle under Chandrayangutta police station limits. The duo revealed their identity on questionning and confessed that they were on their way to sell the gold ornaments," said the commissioner.

Police picked up Yashaswi Agarwal, who owns a shop in Charminar area, after questionning the duo.

The trio and the seized ornaments were handed over to Income Tax department for further investigation.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel