Five people, including two Korean nationals, were arrested and 7 kg of gold, which was smuggled into India from Hong Kong, along with cash worth Rs 11.12 crore was seized, according to an official statement issued Friday.
The sleuths seized 6 kg of gold from his leather bag, the statement said.
Two assistants of the businessman, who were also allegedly involved in the smuggling of gold, were arrested, it said.
The car used in the commission of crime was also seized.
During interrogation, the businessman revealed that the cash recovered during the raid was the sale proceeds against the delivery of the smuggled gold, the statement said.
He said he had planned to remit the money abroad through 'hawala' route, it said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)