Chandigarh: Police have seized 1.2 kg of gold and Rs 14 lakh in cash from a vehicle in the city’s industrial heart, sparking a major investigation into potential tax evasion and illegal financial networks.The high-value intercept occurred on Saturday night when officers stationed at a checkpoint in Industrial Area Phase I flagged down a Haryana-registered Honda Amaze for a routine inspection. The driver, identified as Jagmohan Jain, an Ambala-based jeweller, was unable to provide valid documentation for the 1.2 kg of 9999 fine gold or the Rs 14 lakh in currency found inside the vehicle.The gold was discovered in various denominations, including 100-gram and 50-gram bars, alongside one-ounce bullion.
“The driver claimed he was in Chandigarh to deliver gold to Sectors 22 and 8 and was returning home when stopped,” said Charanjit Singh, DSP of the East Division. “However, he could not produce any paperwork to verify the source or the transaction.”Federal agencies join probeGiven the scale of the seizure, Chandigarh Police have formally handed the matter over to the Income Tax Department. Investigators are now tracing the movement of the assets to determine if the haul is linked to hawala operations or informal money-laundering networks, tax evasion in the form of unreported commercial transactions between interstate jewellers, or illegal financial transfers with potential links to wider criminal syndicates.Jain remains in custody while authorities verify his business ledgers and examine the “9999” purity markings on the bullion to track its origin.
