An international gold-smuggling racket has been busted here with the arrest of a 24-year-old man and 550 gms of gold worth Rs 17.5 lakh seized, police said Thursday.
Acting on a tip-off, a police team apprehended Syed Abdul Hai Tameemin the city Wednesday and seized from him 550 gms of gold in the form of paste, a press release said.
The accused buys gold in Dubai at a lower price and sells it in India at a higher price for gain, it said. The accused and the seized gold worth Rs 17.5 lakh have been handed over tothe Customs officials for further action, the release added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
