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of CESTAT upheld confiscation of 1194 gold bangles (54096 gms valued at Rs.16,10,43,792/-) under Section 113(k) of Customs Act for diversion of export consignment. The Tribunal reduced redemption fine to Rs.15,00,000/- under Section 125, maintaining penalties under Section 114(iii) against the exporters. Penalties under Section 114AA were set aside as documents were not false or fabricated. The Tribunal noted investigative lapses including missing CCTV footage and retracted statements that weren't properly examined per Section 138B(b). The seized gold jewelry was ordered to be released to one appellant upon payment of redemption fine and penalties. Proceedings against other noticees were deemed unsustainable.
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