Four kg of gold and about Rs 2 crore sale proceeds of smuggled gold have been seized and three people arrested in this connection, directorate of Revenue Intelligence said here on Saturday.
Based on specific intelligence, a residential building in Secunderabad was raided on November 21 and the search yielded 40 pieces of smuggled gold, worth Rs 1.57 crore, kept in a bag in a vehicle parked on the premises, a press release from DRI said here.
Further, Rs 1.99 crore of sale proceeds of smuggled gold was found in another car parked on the same premises, the release said.
On enquiry, it was learnt that two persons travelled in a car from Kozhikode via Mysuru to Hyderabad and were carrying smuggled gold concealed in a clandestine compartment beneath the hand-brake which was created exclusively to carry gold and money, the release said.
The accused admitted that the gold was smuggled into the country, the release said.
Three people allegedly involved in smuggling of gold have been arrested, it said, adding that further investigation was in progress.
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