Smuggling racket on craft backed by gang (10)

I believe the answer is:

contraband

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'smuggling' is the definition.
(thesaurus)

'racket on craft backed by gang' is the wordplay.
'racket' becomes 'con' (both can mean a scam).
'on craft' becomes 'art' (both can mean cunning or trickery. I am not sure about the 'on' bit.).
'backed' is a reversal indicator.
'by' is a charade indicator (letters next to each other).
'gang' becomes 'band' (I've seen this before).
'art' reversed gives 'tra'.
'con'+'tra'+'band'='CONTRABAND'

Can you help me to learn more?

(Other definitions for contraband that I've seen before include "Illegally brought in" , "illegal trade" , "loot" , "Smuggled goods" .)

I've seen this clue in The Hindu.

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