For the first time in Kerala, the Guinda department and the state GST department launched a commando-style operation, seizing a staggering 108 kg of illegally stored gold. The operation, codenamed “Tower of Gold,” involved raids on 78 gold jewellery manufacturing units and took place from 4:30 PM on Wednesday until 11 PM on Thursday.
More than seven officers participated in the operation, maintaining secrecy by convening in Thrissur under the guise of a holiday. Once gathered, they executed the raid simultaneously across the state.
GST Special Commissioner Renan Abraham reported that they targeted large, medium, and small units, with the owner of one unit admitting to a fraud of ₹1,200 crore. The department had already verified undeclared stock and sales data from the past five years. Some companies reported undisclosed income below ₹10 crore but had little stock at their addresses, while others had significant amounts of undeclared gold.
The authorities will send the seized gold to the treasury, allowing companies to reclaim it by paying the applicable GST and penalties. Companies will face an additional 3% GST, along with a 3% fine and interest. The operation also led to an immediate collection of ₹5.5 crore from some companies, and following this payment, the authorities returned the gold.