A massive amount of gold and diamond jewellery weighing 170 kgs has been seized by sleuths of Punjab Taxation Department at Sahnewal airport here.
"The executives of a private company were found carrying the diamond-studded jewellery and gold ornaments in a chartered plane yesterday," state Taxation Department officials said today.
They were asked to produce the documents regarding the consignment, Deputy Taxation Commissioner Rishipal said.
However, the documents produced by the company executives were not relevant to the consignment, which was then seized, he said.
The seized jewellery was deposited in the local government treasury at midnight, Rishipal said.
The company officials claimed that it was a stock transfer for a new showroom to be opened here, he said.
In case the company fails to produce the relevant documents, they will be liable to pay about Rs 32 crore as tax and penalty, he said.
"If the documents are produced, then one per cent penalty of the total value will be imposed for not having informed the local officials," he said.
The jewellery was first transported from Trichur and Coimbtore to Ahmedabad and from there it was air-lifted to Ludhiana in a chartered plane, Rishipal said.
The documents stated that the jewellery belonged to a renowned jeweller running a national chain of outlets and a prominent Bollywood actress is scheduled to inaugurate the showroom of the company later this week.