Silver worth Rs 40 cr seized in Hyderabad

The Hyderabad police have seized 10.5 tonnes of silver worth around Rs 40 crore, transported to the city from Chennai.

Police personnel at Bowenpally in Secunderabad stopped three containers and two other vehicles of a private security firm on Sunday night and found the silver.

The silver ingots were being transported from a large container to two small containers on the city outskirts.

Security personnel of private firm Brinks had also reached the place to escort the two containers into the city.

A police officer said since the drivers and others accompanying them failed to produce the relevant documents, they impounded the vehicles along with the silver.

According to police, the silver was shipped by J.P. Morgan from London to Chennai and from there it was transported to Hyderabad via Chittoor and Nellore.

Police have handed over the investigations to the Goods and Services Tax (GST) and Income Tax officials. IANS