Mumbai, Oct 16 (PTI) The Directorate of Revenue Intelligence has seized 8.022 kilograms of gold worth Rs 4.78 crore and Rs 1.22 crore cash at Zaveri Bazar in south Mumbai, an official said on Monday.

Two premises were searched as part of the operation to bust a gold smuggling syndicate and one person has been arrested, he said.

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The arrested accused is the manager of the one of the premises that was searched and is an alleged key member of a foreign origin gold smuggling syndicate, the official added.

"Based on specific intelligence, the DRI Mumbai Zonal Unit conducted searches at two premises on Friday and Saturday. At the first site, 1 kilogram gold bar with foreign markings and without proof of procurement was seized," he said.

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"Using this lead, a second search was conducted in which 7.022 kg of foreign-origin gold and Rs 1.22 crore cash were found. The money is sales proceed from smuggled gold. Further searches were conducted at four locations related to the syndicate, one of which led to the busting of an active gold melting facility," he said.

The arrested accused has been remanded in judicial custody, while a hunt was on for others who are part of this syndicate.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)