The Directorate of Revenue Intelligence (DRI) has busted a gold smuggling racket and seized over 36 kg of the yellow metal, amounting to nearly Rs 21 crore, from Kalbadevi.
An accused, identified as Prashant Menkar, was also arrested during a raid on Monday and Rs 20 lakh in cash was recovered from his possession, the DRI official said.
According to the officials, the gold was procured from several people — both Indian and foreigners — over a period of time.
“The gold was smuggled in the form of capsules carried through body concealment, hiding in travel bags, clothes layering, machines and electronics,” said an official
According to the DRI officials, gold smuggling has been happening through the ‘Hawala’ channel.