According to police, they received a tip-off about the consignment of silver arriving in two cars near Aji dam and alerted the custom department.
"Both police and custom department officials located the vehicles with given descriptions and unearthed the silver cache. However, there was no sign of traders who had brought the cache, giving rise to suspicion that they were kidnapped," a police official said.
The seized cache include 70 kg silver and Rs 53 lakh cash.
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