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Two Iranians arrested for hoarding gold coins

Business Materials 19 February 2013 10:37 (UTC +04:00)

Azerbaijan, Baku, Feb.19 / Trend F.Mehdi/

Two persons have been arrested in the city of Shiraz, southern Iran, for hoarding over 3000 Bahar-e Azadi gold coins, the Mehr News Agency reported.

Bahar-e Azadi Coin is an Iranian limited circulation minted gold coin offered by the Central Bank of Iran (CBI).

The captives have also smuggled gold ingots out of the country and sold low-purity gold instead of high-purity gold inside the country.

On October 24, 2012, Iranian Customs Administration Director Abbas Memarnejad said that some 7 trillion rials (about $570 million) worth of goods have been smuggled into and out of Iran in the first half of the current Iranian calendar year, which began on March 20.

Around 12,000 cases of smuggling have been registered at customs nationwide, he added.

The smuggling is not confined to fuels, he said, adding that it also includes home appliance and foreign currency.

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