The transactions came to light after a car in which the unaccounted money, sale proceeds of smuggled gold, was being transported collided with a mini-lorry at Kechery in Kozhikode district on March 9. Following the accident, policemen rushed to the spot.
The accused were arrested on Tuesday based on an information provided by the car driver during interrogation, police said.
The modus operandi of the hawala transactions or 'kuzhal panam' distribution (as it is known in local parlance) was to smuggle gold into Mumbai and sell it there and its proceeds collected from Thrissur-based jewellers, police said.
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