In a significant development, the Punjab Taxation Department has uncovered a transaction involving 190 kg of gold in Amritsar, allegedly acquired without paying the required Goods and Services Tax (GST). The gold, valued at approximately Rs 140 crore, is now under scrutiny for a possible connection to the largest gold heist in Canadian history.
The gold was reportedly bought without the payment of the 3% GST, amounting to around Rs 4.2 crore. The wholesale dealer in Amritsar has been unable to provide the source of the gold or details regarding the GST payment, raising suspicions about its origin.
Investigators are exploring whether the gold could be part of the 6,600 gold bars, valued at $20 million, stolen from Toronto’s Pearson Airport in April 2023. The stolen gold, taken from Air Canada’s cargo facility, is believed to have been smuggled out of Canada, potentially reaching destinations such as India and Dubai.
Canadian authorities have arrested several individuals over the past year in connection with the heist, some of whom are of Indian origin. The intelligence wing of the Punjab Taxation Department received information about the Amritsar wholesaler’s large gold purchase, prompting further investigation.
Amritsar, a major hub for wholesale gold trade, supplies gold to jewellery manufacturers across North India. A taxation officer noted, “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.”
The investigation continues as authorities probe the potential link between the Amritsar gold trade and the infamous Canadian gold heist.