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Customs authorities have arrested the Managing Director of a gold jewellery unit at the Cochin Special Economic Zone for attempting to sell 22 kg gold in the domestic market and seized the gold.
Aswini Gold, being an SEZ firm, was supposed to export all the gold it had imported without paying duty. However, it had allegedly sold the imported gold in Kerala.
On Wednesday, 22 kg jewellery, which it attempted to sell off in Thrissur, was seized and its MD Sanjay Subbarao Nigam was arrested. The firm is alleged to have sold at least 100 kg of gold, imported without paying duty, in the domestic market.
A few months ago, another firm in CSEZ was found to have sold gold in the domestic market. CSEZ units are required to export 100 per cent of their products.
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