Man held for smuggling gold purchased with scrapped notes

A man was arrested today by the Air Intelligence Unit (AIU) of Mumbai Customs from the airport here for trying to allegedly smuggle gold he had bought from the grey market using invalidated currency at a premium.
"We have arrested Pranav Chauhan, who was to depart to Canada via Dubai and seized 2.5 kgs gold worth Rs 65 lakhs," a customs official said.
Chauhan would have traded the yellow metal for foreign currency and had planned to bring that currency in India.
The official said this may be a unique case wherein attempt was made to smuggle gold out of India.

"Aftereffects of demonetisation is setting new trends in money laundering and smuggling activities," the official said.