India, March 8 -- The Directorate of Revenue Intelligence (DRI) of Mumbai zonal unit has busted an alleged gold smuggling syndicate in the city, seizing 16.47 kg of gold valued at Rs.10.48 crore and cash of Rs.2.65 crore. The agency also nabbed six alleged members of the syndicate, including the masterminds.

The agency began its crackdown, across Tuesday and Wednesday, on the syndicate on receipt of specific information about its alleged involvement in smuggling gold and its sale in the illicit markets, after which premises used for the sale/purchase of such smuggled gold were searched. During the search operation, 10.7 kg of allegedly smuggled gold of foreign origin, mainly in the form of bars, along with cash of Rs.1.8 crore, suspected...