190 kg gold transaction in Amritsar under lens, Canadian link being probed

Ruchika M Khanna

Chandigarh, July 12

The Punjab Taxation Department has unearthed a transaction of 190 kg gold in Amritsar, reportedly bought without paying any goods and services tax (GST). But that’s just one part of the intriguing episode.

Probe at initial stage

The investigation is still at an initial stage. We are looking at all aspects, including the origin of gold. Varun Roojam, Punjab taxation commissioner

A possible Canadian link is also being probed in connection with the case. Official sources said the wholesale dealer of gold in Amritsar had not been able to reveal the source of the yellow metal valued around Rs 140 crore or provide details of the payment of 3 per cent GST (around Rs 4.2 crore) thereon.

The state taxation sleuths were investigating whether that gold was part of the consignment stolen from the Pearson Airport in Toronto in April 2023, in what is referred to as the biggest-ever gold heist in Canada.

The 6,600 gold bars stolen from the airport in Toronto were valued at $20 million. The gold was stolen from the Air Canada’s cargo facility.

The Canadian authorities recently announced that they suspected that the stolen gold had been shipped out of Canada via sea route, and that it had landed in India and Dubai.

Over the past one year, the Canadian authorities have arrested a number of persons in this connection. Some of them are of Indian origin.

According to the information available with The Tribune, the intelligence wing of the state taxation department received inputs about an Amritsar wholesaler buying a huge quantity of gold.

Amritsar is a major centre for wholesale gold trade. Market insiders say that gold from there is sent to jewellery manufacturers across North India, who further supply it to jewellery retailers.

“He has not been able to present the bills, thereby raising a suspicion of gold smuggling. We suspect that the gold reached here in multiple batches,” said a taxation officer.