DRI Busts Major Gold Smuggling Ring in Mumbai, Seizes Rs 15 Crore Gold

Mumbai, Nov 12: The Directorate of Revenue Intelligence (DRI) has dismantled a significant gold smuggling operation, seizing gold valued at Rs 15 crore and apprehending 11 individuals, including the "mastermind," officials reported on Wednesday.

Initial investigations have uncovered a sophisticated plot to smuggle gold into India, subsequently selling the refined metal in the grey market, thus flouting import regulations and circumventing government revenue, an official revealed.

The DRI's Mumbai Zonal unit had obtained intelligence regarding the functioning of a gold smuggling and melting syndicate in Mumbai.

In response, DRI teams conducted concurrent raids on Monday at four locations across the city, which included two illicit melting units and two unregistered shops.

During these raids, they uncovered a fully operational setup, where smuggled gold was being melted and transformed into wax and other forms like bars, according to the official.

The operation resulted in the seizure of 6.35 kg of gold from the melting units, and several individuals operating these furnaces were apprehended.

Further raids at two establishments linked to the "mastermind" led to the recovery of an additional 5.53 kg of gold bars, the official noted.

In total, the DRI seized 11.88 kg of 24-carat gold valued at Rs 15.05 crore, alongside 8.72 kg of silver valued at Rs 13.17 lakh.

The 11 apprehended individuals include the "mastermind," known for previous smuggling offenses, his father, a manager, four hired melters, an accountant, and three delivery personnel, the official disclosed.

All the accused have been presented before a court and have been remanded to judicial custody.

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