The Hyderabad unit of the Directorate of Revenue Intelligence (DRI) on Friday arrested three persons and seized 4 kgs of gold worth Rs 1.94 crore, and Rs 1.99 crore in cash, from them.
Based on specific intelligence, officials of the DRI searched a residential complex at East Marredpally in Secunderabad and found 40 pieces of smuggled gold bars in a green colored bag kept in a vehicle parked inside the building.
A sum of Rs 1.99 crore, reportedly the sale proceeds of gold, was also found in another car parked in the same premises.
Upon inquiry, it was found that two persons brought the cash and gold in a car from Calicut via Mysuru to Hyderabad, and that they were carrying the gold in a clandestine compartment beneath the hand brake.
The compartment was created exclusively to carry gold and money.
The arrested persons admitted that the gold was smuggled into the country, and that they did not have any valid documents to prove the legal purchase of the gold.
The DRI officials seized the gold from the trio under provisions of the Customs Act of 1962, and took up investigation.