Mumbai, Jun 1 (PTI) The Directorate of Revenue Intelligence (DRI) has busted a gold smuggling syndicate at Mumbai international airport and seized 2.6 kg of foreign-origin gold in wax form valued at about
Rs 4.20 crore, officials said on Monday.
Based on specific intelligence, DRI officials on Sunday apprehended two passengers while they were attempting to smuggle gold into India from Dubai. Officials recovered two pouches containing gold dust in wax form with a combined net weight of 2,600 grams, an official said.
Laboratory checks showed the metal to be 24-karat purity, the DRI said, adding that gold has been seized under the Customs Act.
The investigation led the DRI to a Navi Mumbai-based jeweller who allegedly conspired with his accomplices to smuggle gold into the country, the official said.
The operation followed specific intelligence about the syndicate's activities in Dubai, he said, adding that the further probe was underway.
The DRI said the seizure assumes significance against the backdrop of higher duties and taxes on gold imposed by the government to conserve foreign exchange and bolster economic security. PTI DC NSK
