DRI busts major gold-smuggling syndicate in Mumbai

New Delhi, Nov 12: The Directorate of Revenue Intelligence (DRI) has dismantled a major gold-smuggling syndicate operating in Mumbai as part of “Operation Bullion Blaze,” exposing an organised racket that melted smuggled gold in illegal furnaces and sold the refined bullion in the grey market.

Acting on specific intelligence, DRI officers conducted simultaneous searches on November 10 at four locations, two illegal melting units and two unregistered shops.

Both furnaces were found fully operational, with setups for converting smuggled gold 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 shops used by the mastermind for receiving and selling smuggled gold led to the recovery of an additional 5.53 kg of gold bars. In total, 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 Customs Act, 1962. Eleven individuals, including the syndicate’s mastermind, a repeat offender, were arrested.