KATHMANDU: The Central Investigation Bureau (CIB) of Nepal Police has revealed that the Chinese smuggler stored the gold in Nepal after its price drop in India.

CIB apprehended a Tibetan national with 6 kilograms of illegal gold on Sunday during a crackdown.

Identified as Sonam Gurung, 37, the Tibetan citizen was caught with six kg of gold and Rs 4.8 million in cash.

According to spokesperson of CIB, DSP Hobindra Bogati, the gold was seized from the Tibetan national using the Nepali name Sonam Gurung.

Gurung had been residing in Ward No. 6, Boudha, Kathmandu Metropolitan City for some time.

He had been involved in illegal gold smuggling for a long time, as revealed in initial investigations.

CIB also recovered Nepali citizenship from him, issued from Mustang district.

“We have recovered one case involving illegal gold and cash from the Tibetan national,” said Bogati, adding, “The citizenship was obtained from Mustang district. Further investigation is underway.”

Smuggling delayed after a price drop in India

According to CIB, the gold was smuggled from northern Nepal.

The plan was to supply gold from China to the Indian market.

However, gold is currently much cheaper in the Indian market compared to the Nepali market.

According to the current market rates on Monday, 24-carat gold of 10 grams is priced at Rs 114,989 in India, which is Rs 5,041 less than in Nepal.

After gold became cheaper in India, Chinese nationals planned to consume it in the Nepali market some time ago, according to the police report.