gold in backpack
© FSB press serviceThe gold seized by FSB in Yakutia.
A man has been detained in Russia's far-eastern region of Yakutia after being caught with a rucksack full of gold. Possession and transportation of the precious metal is heavily regulated.

The 52-year-old man was busted in the forest carrying a bag with about 13kg (29lbs) of gold in the form of bullion and "non-uniform powder", the local branch of the FSB told journalists. The market worth of the treasure is estimated at over $500,000. The man, who failed to explain how he came into possession of the gold, is facing up to five years in prison for illegal possession of the metal.

Yakutia, also known as the Republic of Sakha, is one of the biggest centers of gold extraction and processing in Russia. However regulations on precious metals and gemstones are pretty restrictive - a measure meant to limit theft, unlicensed prospecting, as well as their use for payment for illegal activities. Individuals may possess them, but only as jewelry or as bullion purchased through a bank.

Still some people answer the age-old call of gold, either hoping to legalize their treasures in some way or simply hoping that the restrictions would be lifted someday. Just a week ago a man in Yakutia was sentenced to two years in prison for illegal possession of over 28kg (62lbs) of the metal, which he claimed to have purchased from a stranger he never saw again, RIA Novosti reported.