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.
Watch: MS Dhoni Spotted At NFL Game In Michigan During Vacation With Friends CSK Decide On Bold MS Dhoni Call If BCCI Only Allows Two Retentions: Report When Will BCCI Announce Retention Rules For IPL 2025? Report Says... AAP Asks Its Rajya Sabha MP Swati Maliwal To Quit Over Atishi Remarks LIVE: Arvind Kejriwal Resigns, Atishi To Be Delhi Chief Minister "Your Duty...": Chief Justice On Bengal's 'No Night Shift For Women' Note Class 11 Student On Way To Coaching Centre Raped In UP: Police Pics: Supercars Line Up At The World's Largest Temple, Tourists Stunned IIT Kanpur Launches Project For UP Digital Health Stack Track Latest News Live on NDTV.com and get news updates from India and around the world.