Officials of Directorate of Revenue Intelligence were able to seize as much as six kgs of gold and also arrested five people including two Korean nationals.
It emerged that apart from 7 kg of gold, which is believed to have been smuggled into India from Hong Kong, there was also cash worth Rs. 11.12 crore that was seized.
This was further confirmed by the official statement.
Acting on a tip-off, officers at the Directorate of Revenue Intelligence (DRI) intercepted a businessman coming from a hotel in Chennai on November 29.
The businessman admitted that the gold was smuggled into India by two Korean nationals who were staying at the same hotel, it said.
Meanwhile, a team from the DRI conducted raids at houses and textile shops owned by the businessman and seized 1 kg of gold along with cash worth Rs. 11.16 crore, the statement said.
Two assistants of the businessman, who were also allegedly involved in the smuggling of gold, were arrested, it said.
It was also said that planning was to remit the money abroad through ‘hawala’ route.>