The two Korean nationals confessed that the gold was smuggled from Hong Kong. (Representational)
Five people, including two Korean nationals, were arrested and 7 kg of gold, which was smuggled into India from Hong Kong, along with cash worth Rs 11.12 crore was seized, according to an official statement issued yesterday.
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 officers seized 6 kg of gold from his leather bag, the statement said.
The businessman admitted that the gold was smuggled into India by two Korean nationals who were staying at the same hotel, it said.
Subsequently, the DRI officers arrested the two Korean nationals who confessed that the gold was smuggled into India from Hong Kong for monetary consideration.
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.
The car used in the commission of crime was also seized.
During interrogation, the businessman revealed that the cash recovered during the raid was the sale proceeds against the delivery of the smuggled gold, the statement said.
He said he had planned to remit the money abroad through 'hawala' route, it said.