India, Oct. 22 -- The Directorate of Revenue Intelligence (DRI) has busted an alleged gold smuggling syndicate by arresting five of its members and seizing 2.31 kilograms of smuggled gold, estimated at Rs.3.47 crore, at Mumbai airport.

Acting on a tip-off, the DRI's Mumbai unit conducted operations on Monday and Tuesday to foil the syndicate's smuggling bid through the Chhatrapati Shivaji Maharaj International Airport (CSMIA), officials said.

Among the five arrested by the agency were two passengers, a third-party entity's employee and two recipients, DRI officials said.

"During the operation, DRI seized 2.317 kg of 24-carat foreign-origin gold bars, valued at around Rs.3.47 crore, and apprehended the five persons involved in the smugg...