Chennai (Tamil Nadu) [India] Nov 30 (ANI): The Directorate of Revenue Intelligence (DRI) on Friday arrested five people, including two South Korean nationals in Chennai and seized seven kgs of gold worth Rs. 2.20 core smuggled into India from Hong Kong. Also Read - JEE Main 2021: Syllabus Unchanged, 75 Per Cent Criteria Waived Off | CHECK DETAILS HERE

The DRI Chennai Zonal unit also seized over Rs 11 crore in cash and a car, which was used to transport the smuggled gold. Also Read - 7th Pay Commission Latest News: Dearness Allowance, Salary Hiked For These State Govt Employees

On the basis of the intelligence report, the DRI sleuths intercepted a Chennai-based businessman and recovered six kilograms of foreign marked gold in 1-kilobars. The DRI sleuths also carried out the search operation at multiple premises in Chennai, including a textile shop and the residences of two assistances of the businessman, from where they recovered a smuggled 1 kg gold bar and Rs. 11.16 crore in cash. Also Read - Expert Panel Recommends Phase 1 Trial of Nasal COVID-19 Vaccine

On questioning, the two Korean nationals admitted their role in having carried the smuggled gold from Hong Kong for a monetary consideration, which they had handed over to the businessman at the hotel, just before the officers apprehended him. Further, the businessman admitted that he would regularly receive such smuggled gold in a similar manner through other passengers who would visit Chennai from time to time and stay at various prominent hotels. He and his associates stated that they would regularly distribute the smuggled gold and cash in the black market, and that the Rs. 11.16 crore in cash which was recovered by the officers entirely consisted of sale proceeds of the smuggled gold which they had planned to remit abroad through hawala channels.

“The businessman, two of his associates and the two Korean nationals have been arrested,” the DRI said in a statement.

Further investigation is in progress. (ANI)

This is published unedited from the ANI feed.