The Directorate of Revenue Intelligence (DRI) has successfully busted a gold smuggling syndicate and seized around 16 kg gold and Rs 2.65 crore cash, officials said on Thursday.

According to the officials, on the basis of a specific intelligence that a syndicate is engaged in smuggling gold and selling in the grey market, a premises used for sale/purchase of smuggled gold, was searched on March 5 and 10.7 kg of smuggled gold of foreign origin, mainly in the form of bars, along with cash of Rs 1.8 crore which are sale proceeds of the smuggled gold were seized.