NOIDA: A businessman has been arrested for allegedly selling 430kg duty-free gold to locals in the weeks after demonetisation was announced on November 8, 2016. The accused, Devashish Garg (24), was arrested by Directorate of Revenue Intelligence (DRI) officials and Noida police on Tuesday night and sent to judicial custody on Wednesday morning. Garg, who lives in Delhi's Punjabi Bagh , runs a company called Shri Lal Mahal Ltd in Noida's Special Economic Zone.The DRI has already arrested five persons, including Garg's father Prem Chandra Garg , in the case. The accused was wanted in connection with the fraudulent activity of selling the duty-free gold.A DRI official said that Devashish had acquired the duty-free gold for export and sold it to locals. "The 430kg of gold was worth Rs 140 crore. However, instead of exporting the valuables, he sold them to local people during the phase immediately after demonetisation," he said.On December 24, 2016, the DRI had conducted a raid on the premises of Shri Lal Mahal Ltd and the residences of company officials in Noida as part of its anti-black money operations after demonetisation.The officials seized Rs 2.60 crore in cash, including Rs 12 lakh in new notes, and 95kg of gold and silver in connection with its probe in the two-day operation. Devashish remained on the run since the raid.The DRI officials said that Devashish's trading of duty-free gold in return for cash was in violation of the Conservation of Foreign Exchange and Prevention of Smuggling Activities (COFEPOSA) Act.The DRI registered an FIR against the accused and also informed the Central Economic Intelligence Bureau (CEIB), which in turn had issued an arrest warrant against the accused and issued a letter for compliance to the UP director general of police Javeed Ahmad. Ahmad then directed the city police to cooperate with the DRI sleuths and ensure its compliance.Dinesh Singh, SP (city) Noida, said that the police officers arrested the accused in Sector 63 on Tuesday night. "He was then handed over to DRI and later send to judicial custody this morning," he said.