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Someone’s watched The Italian Job one too many times. A millennial has been arrested in Hong Kong over a record gold smuggling operation that involved disguising 146kg of the stuff as machine parts. If he’d succeeded, it would have saved him $1 million in export taxes – probably enough to buy himself a nice avocado toast.

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Hong Kong busts a record gold smuggling operation

Hong Kong authorities have seized an estimated $10.7 million of gold in the city state’s biggest ever smuggling bust of the precious metal. The 146kg of gold had been disguised as machine parts being shipped to Japan. According to a government statement, it was “molded and camouflaged” as part of two air compressors in the cargo of an airplane. Photos shared by officials show the gold shaped into screw-like cylinder-shaped parts with a coat of silver paint.

Hong Kong customs found the illicit gold while examining the machines and arrested a 31-year-old man in connection with the case. Smuggling cargo can lead to a $2 million fine of seven years in jail. Officials expect the operation was aiming to evade import tariffs of about 10% in Japan. It would have saved more than $1 million if it were successful.

The case comes as gold has hit successive records, fuelled by central bank purchases and geopolitical tensions. The price touched an all-time high of $2,353 this week.

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