Gold smugglers 'aimed to avoid pounds 3m in tax'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.There is no business sense in importing gold legally from Belgium to London, a court trying a pounds 20m gold-smuggling case was told yesterday.
Gold expert Alan Baker said: "I see no logic in it whatsoever. It would cost you money to get it over from there."
Knightsbridge Crown Court was shown a one kilogramme gold bar of the type that police officer Lucy Gilmore is alleged to have smuggled into Britain.
Mr Baker, chairman of the London Bullion Market Association, said the bar - the size of a small chocolate bar - was 99.5 per cent pure - "the purest type of gold you can get".
The police officer and co-defendant Surrinder Kumar are alleged to have been couriers during an 18-month operation in which more than 3,000 kilos of gold were smuggled from Belgium, evading more than pounds 3m in value added tax.
Ms Gilmore, 25, of Bridgnorth, Shropshire, and Mr Kumar, 32, of Sutton Coldfield, both deny conspiring to evade the VAT on precious metals.
Gilmore's father Michael, 53, of Crathie, Grampian, pleaded guilty to the conspiracy at an earlier hearing.
Mr Baker told the court London was the centre of world trading in gold. "If you want to buy gold you come to London and buy at the basic, rock bottom price," he said.
Traders tried to avoid moving gold because of the high cost of insurance, security and special shipping arrangements, and the risk of robbery. He said the Belgian gold market was extremely small, and agreed with Peter Rook QC, for the prosecution, that it would not be economic to import it.
Cross-examined by David Owen-Jones, defending Mr Kumar, Mr Baker agreed there would be a substantial profit margin in smuggling gold from Belgium or London to India.
The trial resumes today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments