Excise officials have recovered gold bars weighing around 9.5 kg from three persons during a raid at a hotel in the city, a senior official said.
The three persons, members of an Uttar Pradesh-based gang involved in gold smuggling, have been arrested, he said.
Acting on a tip-off about the gang members, Central Excise, Kolkata, officers conducted a raid at the hotel on Zakaria Street yesterday night, and recovered the gold bars with a market value of about Rs 3.15 crore, he said.
"As per our initial investigation, the trio were here to supply this consignment to someone in the city or an outsider visiting this region. We are still probing into the matter," the official added.
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