Gold smuggling on the rise

THE 107 kg gold haul seized at Chittagong airport on March 25 points to the marked rise of illegal gold flowing into the country. Officials say that the increase in gold duty in India that went up to 10 per cent this year has to do with Bangladesh being used by smugglers as a transit point for the precious golden metal. With a price difference of Tk. 2,000 per 10 gram of gold between Dubai and India, it leaves little to imagination why so much gold is flowing in under the radar. Given lax controls at land and air ports, it is little wonder that the illicit trade is increasing every year. Steps need to be taken to stop Bangladesh becoming a major conduit for gold smugglers. However, we note that some hauls are being made much to law enforcers' credit.
Today, we have other smuggling syndicates like cross-border cattle traders allegedly making payment in gold bars. With India being the second largest gold consumer after China, smuggling in the precious item in the absence of proper monitoring authorities can only encourage the trade. Therefore, the countries concerned must cooperate to contain the wheeling and dealing in black market gold. Though the international airports make busts every now and then, larger shipments slip might be slipping through undetected. But it's not only the lack of equipment or personnel that is to blame. Most smugglers who get caught in the act are seldom prosecuted due to an apparent lack of evidence and the alleged involvement of abetting officials.