Poll haul? Rs 57 crore gold & silver seized in single day in Telangana

HYDERABAD: A jaw-dropping volume of gold at 83kg , 212kg silver and 112-carat diamonds were seized Thursday across Telangana ahead of the November 30 assembly elections. The massive single-day haul has been valued at Rs 57 crore.
In Cyberabad alone, 69kg gold - 38 kg in Rajendranagar, 16 kg in Gachibowli and 15 kg in Petbasheerabad - was confiscated, besides Rs 10 crore in cash.
In the last 10-11 days, the cumulative seizures of cash, gold, liquor and other items have totalled Rs 243 crore, an official said.
Police seized 16 kg gold and 49 kg silver from a firm, BVS Logistics in Gachibowli. Madhapur DCP Gone Sandeep said: "We intercepted a vehicle at DLF junction and found a significant amount of gold and silver without documentation. The carrier said the gold was meant for jewellery shops. But, we handed over the gold and silver consignment to the income tax officials."
A senior official said out of 243-crore cumulative haul, nearly 100 crore was confiscated in Cyberabad. Laptops, vehicles, pressure cookers and saris worth Rs 17 crore were seized elsewhere.
The official said the total value of gold was 120 crore and cash 87 crore.
Meanwhile, the seizures have raised the hackles of traders and jewellers.
M Padamanabha Reddy, secretary of Forum for Good Governance, said people have been advised not to carry cash exceeding Rs 50,000 and if the limit exceeds, such cash should have proper documents. "But, there is no clarity on the quantity of gold that is exempted and the supporting documents required for carrying it," he said.
Reddy said they came across instances of businessmen and traders having their cash seized near the bank counter while heading into the bank to deposit the day's sales. "For that matter, liquor shops in urban areas transact close to 5 lakh daily, mostly in cash," he said.
Police seized 16 kg gold and 49 kg silver from a firm, BVS Logistics in Gachibowli. Madhapur DCP Gone Sandeep said: "We intercepted a vehicle at DLF junction and found a significant amount of gold and silver without documentation. The carrier said the gold was meant for jewellery shops. But, we handed over the gold and silver consignment to the income tax officials."
A senior official said out of 243-crore cumulative haul, nearly 100 crore was confiscated in Cyberabad. Laptops, vehicles, pressure cookers and saris worth Rs 17 crore were seized elsewhere.
The official said the total value of gold was 120 crore and cash 87 crore.
Meanwhile, the seizures have raised the hackles of traders and jewellers.
M Padamanabha Reddy, secretary of Forum for Good Governance, said people have been advised not to carry cash exceeding Rs 50,000 and if the limit exceeds, such cash should have proper documents. "But, there is no clarity on the quantity of gold that is exempted and the supporting documents required for carrying it," he said.
Reddy said they came across instances of businessmen and traders having their cash seized near the bank counter while heading into the bank to deposit the day's sales. "For that matter, liquor shops in urban areas transact close to 5 lakh daily, mostly in cash," he said.