In a major swoop code-named “Operation Bullion Blaze”, the Directorate of Revenue Intelligence (DRI) has busted a major gold smuggling and melting syndicate in Mumbai, with the arrest of 11 persons and seizure of 11.88 kg gold worth Rs 15.05 crore and 8.72 kg silver. The operation uncovered an organised racket involved in smuggling gold into India, melting it in covert furnaces, and illicitly selling the refined bullion into the grey market.
Acting on specific intelligence, the DRI officers carried out simultaneous searches at four discreetly located premises in Mumbai — two illegal melting units and two unregistered shops. “Both furnaces were found fully operational, equipped with complete setups for converting smuggled gold in wax and other forms into bars. Officers swiftly moved in, detaining the operators and recovering 6.35 kg of gold on the spot,” the DRI officials said.
“Follow-up searches at the two shops used by the mastermind for receiving smuggled gold and selling the melted bars to local buyers led to the recovery of an additional 5.53 kg of gold bars from one of the shops,” the officials said. “In all, 11.88 kg of 24-carat gold, valued at Rs 15.05 crore, and 8.72 kg of silver worth Rs 13.17 lakh, were seized under the provisions of the Customs Act, 1962,” a statement issued by the DRI said on Wednesday.
In all, eleven persons involved in smuggling, melting, and illicit sale of gold were arrested, including the mastermind, who has a record of gold smuggling. “The syndicate was being operated by the mastermind in connivance with his father, a manager, four hired melters, an accountant responsible for maintaining records of smuggled gold, and three delivery personnel handling its distribution,” the statement said.
All accused were produced before the JMFC, Mumbai, and remanded to judicial custody. Preliminary investigations have revealed that the accused persons were involved in a “well-orchestrated conspiracy” for smuggling gold and its illicit sale, in blatant violation of India’s gold import policy and aimed at defrauding government revenue.
