40kg of gold worth Rs 12cr seized, Noida SEZ exporter arrested

The Directorate of Revenue Intelligence (DRI) arrested an exporter on Monday and seized more than 40 kg of gold allegedly meant to facilitate illegal exchange of the demonetised Rs 500 and Rs 1,000 banknotes.Worth over Rs 12 crore, the gold was recovered from various places in Delhi.

The exporter operated out of the Noida Special Economic Zone (NSEZ), from where he is alleged to have diverted gold meant for export into the domestic market.

The NSEZ unit imported gold from Dubai for the purpose of making jewellery and re-exporting it to the United Arab Emirates.