ALSO READDirectorate of Revenue Intelligence busts major gold smuggling racket IB, DRI asked to check pulses cartelisation as prices soar Black money: SIT seeks action against ineligible duty drawback DRI busts 7,000 kg gold smuggling racket, airline officials under scanner Black money SIT holds meet;reviews Panama, foreign stash cases
The gold is valued worth Rs. 6.47 crore, of which 20 gold bars are of 1 kg each with foreign markings and of 995 purity.
The DRI team have also recovered Rs 6.44 crore of Indian currency notes, which was obtained after the sale proceeds of the smuggled gold.
The total estimated value of the seizure is about Rs 12.91 crore.
Till now, two persons have been arrested in the case and remanded to judicial custody.
Further investigation is in progress.
The DRI continues with its drive against smuggling and black money and has achieved significant results in past few months.
Last month, the DZU of DRI had made a record of detecting 7,000 Kilograms of smuggled gold, which was worth Rs 2,000 crore. The DZU had also arrested two persons linked with the smuggling of gold.
The main kingpin has also been detained under the Conservation of Foreign Exchange and Prevention of Smuggling Act (COFEPOSA), 1974.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)