Mumbai (Maharashtra) [India], November 12 (HBTV): The Directorate of Revenue Intelligence (DRI) has busted a major gold smuggling syndicate in Mumbai under Operation Bullion Blaze.
According to an official release, the operation uncovered an organised network involved in smuggling gold into India, melting it in secret furnaces, and selling the refined bullion in the grey market.
Acting on specific intelligence, on November 10, DRI officers conducted simultaneous searches at four discreet premises in Mumbai — two illegal melting units and two unregistered shops. Both furnaces were found fully operational, equipped to convert smuggled gold concealed in wax and other forms into bars. Officers detained the operators and recovered 6.35 kg of gold on the spot.
Follow-up searches at the two shops used by the mastermind to receive smuggled gold and sell melted bars to local buyers led to the recovery of an additional 5.53 kg of gold bars from one of the locations.
In total, 11.88 kg of 24-carat gold valued at INR 15.05 crore and 8.72 kg of silver worth INR 13.17 lakh were seized under the provisions of the Customs Act, 1962.
A total of 11 persons were arrested in connection with the smuggling, melting, and illicit sale of gold. Those arrested include the mastermind, who has a prior record of gold smuggling, his father, a manager, four hired melters, an accountant responsible for maintaining records of the smuggled gold, and three delivery personnel. All accused were produced before the Judicial Magistrate First Class (JMFC), Mumbai, and remanded to judicial custody.
Preliminary findings suggest a well-organised conspiracy aimed at gold smuggling and illegal sales, in violation of India’s gold import policy and intended to defraud government revenue.
The DRI reaffirmed its commitment to dismantling organised smuggling networks that undermine fiscal stability and distort legitimate trade. It stated that by intercepting illicit gold flows and disrupting the shadow economy, the agency continues to safeguard India’s economic integrity and ensure a fair trading environment.
(ANI)