New Delhi (Sputnik): India's Directorate of Revenue Intelligence (DRI) has arrested seven Taiwanese nationals, including four women, on suspicion of involvement in a massive gold smuggling racket being operated from Hong Kong, the finance ministry said on Wednesday.
"The investigation so far has revealed that this syndicate involves foreign nationals and Indian nationals stationed at Hong Kong and India. The mastermind of the syndicate is sitting in Hong Kong, who arranged carriers and sent them to India with gold bars through concealment. In India, a person used to collect the gold and give foreign currency in return which used to be smuggled-out of India back to Hong Kong," DRI said in a statement.
On August 6, the DRI seized 36 kilograms of gold from Mumbai airport that was smuggled via an air courier in two consignments from Hong Kong.
India is the world's second-biggest gold consumer and gold consumption in 2018 is projected to touch as high as 800 tons versus 727 ton last year, according to the World Gold Council (WGC).