Indian gold company raided in Singapore

Singapore: An Indian gold exporting company has been raided over suspicions that it was trying to smuggle gold out of a special economic zone, in a sign of a crackdown on the practice in the world’s second-biggest bullion consumer.

Ashwin Gold, MD of jeweller, was arrested last week after the firm allegedly tried to smuggle 10.5 kg of gold meant for export into the domestic market, said Safeena AN, development commissioner of the Cochin special economic zone (SEZ), where the company is  office is located.

“Based on intelligence that customs officials received, we raided the company’s office,” Safeena sai.