TOKYO, Oct. 3 (Xinhua) — Tokyo Customs kicked off its largest auction of smuggled gold, presenting about 180 kilograms of the precious metal for online bidding starting on Tuesday, local media reported.
The gold, worth about 1.75 billion yen (about 11.7 million U.S. dollars) at market value, is the largest to be auctioned in terms of both value and amount, the national broadcaster NHK reported on Tuesday.
The gold was seized at ports of entry to Japan including Haneda and Narita airports, Tokyo port and others between 2015 and 2017.
Usually in the form of accessories, the metal was fashioned into individual bars, each weighing one kilogram.
Gold smuggling was rampant during the period, which came after Japan’s consumption tax increase in 2014, the report said, citing a senior customs official, who added that many cases were apparently aimed at evading consumption tax payments.
Proceeds of the sale will go to the national treasury, the report added.
