THRISSUR: The state GST intelligence department seized 108 kg of unaccounted gold from various establishments in Thrissur, including gold shops, jewelry manufacturing centers and wholesale outlets. The authorities imposed a fine of Rs 5.3 crore following the raid, which involved the participation of 700 personnel from the Intelligence and Audit Departments.

The extensive inspection, which is noted as the largest undertaken by the GST department in the state, targeted 78 locations and the residences of the owners within a 12 km radius of Thrissur town. The operation, codenamed 'Terre del Oro,' commenced at 4:30 PM on Wednesday and concluded at 1:00 PM the following day, lasting over 21 hours, including nighttime inspections.

Led by State GST Intelligence Commissioner Ajit Patil, Special Commissioner Abraham Wren and Deputy Commissioner Dinesh Kumar, the raid scrutinized wholesale shops and jewelry manufacturing centers in areas such as Thrissur Puthanpally, Vallachira, Ammadam, Perinchery, Kodannoor and Nadathara. Officials stated that crores of undocumented gold were recovered from several centers.

As part of the process, the owners of the seized gold have the option to reclaim it by paying a 3% tax and a 15% fine on the tax amount. They can also negotiate an initial payment arrangement to recover the gold later. Some owners have already reached this understanding, although full payment is required before the gold is returned. If the gold is not reclaimed within 15 days or by a specified deadline, it will be forfeited to the government.