$1.5 million has been found in a commercial plane in southern India.

At Chennai airport government bodies discovered over $1.5m worth of gold hidden in mobile phones in the cargo of a plane.

With India being one of the world’s main gold consumers this comes as no surprise to the government. Importers are seen as a major provider to the country’s account deficit.

Last year gold imports were at 8% and this year it has raised duty on the importation of gold to 10%.

Indians habitually hoard in the precious metal as they are confident that it will bring them financial security.

Imports amounted to $3.9bn (£2.4bn) during the quarter that ended last December which is actually down from the previous three months ($16.4bn) (£9.8bn).

They still aren’t clear on who the sender or even the recipient of the gold at the Chennai airport were but they know that the plane arrived from Hong Kong.

Last November (2013) cleaners on board the stationary plane found a stash of more than $1.1m worth of gold bars in the toilet compartment on the flight at the Kolkata airport that had arrived from Bangkok.

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