Gold worth Rs 4 crore seized, 7 arrested

Mangaluru, Mar 19 (PTI) Gold worth Rs 4 crore has been

seized with the arrest of seven people from three different spots, officials of the Directorate of Revenue Intelligence (DRI) said here on Thursday.

Based on specific information, two persons from the central railway station here were caught for allegedly carrying the smuggled gold in the form of crude bars from Kozhikode to Mangaluru, a DRI press release said.

Another person, who was to receive the gold from the two, was also arrested from the parking lot of the railway station, the release said.

The gold was meant to be re-melted and cast into 100 gm bars with foreign markings using foreign moulds for distribution in various locations in Karnataka, it said.

Simultaneous searches were conducted at three different premises in Mangaluru, Udupi and Shivamogga, the release said.

The source of the gold was traced to melters and jewellers in Kozhikode and an immediate follow-up action was conducted leading to seizure of gold and Rs 84 lakh in cash, it said.

Two cars belonging to the syndicate, having specially designed cavities for concealment which were used for transporting cash and gold between Kozhikode and Mangaluru were also seized, it said.

A total of seven persons involved in the racket were arrested during the entire operation, including one Naveen Chandra Kamath of Udupi, the alleged mastermind in the case.

Further investigation is in progress to uncover the other persons involved in the racket, the release said.

A team comprising 40 officers from Bengaluru, Mangaluru and Shivamogga took part in the coordinated effort.

The total seizure was 9.3 kg of gold, approximately valued at Rs 4 crore, 5.2 kg of silver and Rs 84 lakh in cash, the release added.