Gold biscuit racket: 4 arrested

They affixed fake international purity seals on sub-standard gold biscuits and sold them to customers

The Central Crime Branch police officials on Thursday busted a gold biscuit racket and arrested a gang of four goldsmiths for duping customers with fake gold biscuits. They were allegedly adding osmium sponge metal powder and a mixture of other alloys to make the biscuits, and then affixed fake seals similar to the ones used to authenticate the purity of gold.

Based on a tip-off, a team of CCB officials raided a shop at Mathaji Jewellers Market Complex in Nagarpete where the gang was operating. They caught the four goldsmiths red-handed and seized 1.7 kg of gold and ₹20,000 cash. They also seized fake seals with names that bore close resemblance to the renowned international gold authenticators: Valcambi Suiss (instead of Valcambi Suisse), Matalor Swixerland (instead of Metalor Switzerland), and All Ethihad Dubai, UAE (instead of Al Etihad Gold) among others.