Fake gold bars, machines seized in Zaveri Bazaar

MUMBAI: A number of duplicate gold bar stamping machines and fake bars were allegedly seized by unnamed persons in Zaveri Bazaar, sources aware of the development told ET .

The incidents of fake bars being made and circulated by unscrupulous elements across the bullion trade is not new but of late their number has been proliferating , one of the sources said .

Details about these fake bars and machines and those who dealt in them will be handed over to the police soon , another person said .


Officials of gold body India Bullion and Jewellers Association (IBJA) we’re not immediately available for comment .

Many of these bars reportedly are copies of reputed overseas ones like Valcambi, Metalor and of ones made by domestic bullion manufacturers .

Fake bars have impurities embedded in them and are sold at rates for genuine bars , causing huge losses to genuine manufacturers .