Mumbai Gold Smuggling Ring Busted: DRI Seizes Rs 15 Crore Worth of Gold and Arrests 11 Suspects

A total of 6.35 kg of gold was seized from illegal melting units during the operation.

Mumbai:

The Directorate of Revenue Intelligence (DRI) has successfully dismantled a sophisticated gold smuggling network, confiscating precious metal worth Rs 15 crore and detaining 11 individuals, including the operation's "mastermind," officials confirmed on Wednesday.

Initial investigations indicate a meticulously orchestrated scheme to illegally import gold into India and distribute the refined metal through unauthorized channels, thereby circumventing import regulations and depriving the government of legitimate revenue, an official stated.

DRI's Mumbai Zonal unit acted on intelligence regarding the gold smuggling and processing operation functioning within Mumbai.

Following this information, DRI teams conducted concurrent raids on Monday at four locations across the city, including two unauthorized melting facilities and two unregistered retail establishments.

Investigators discovered a fully operational facility where smuggled gold was being processed and transformed into wax and various forms including bars, the official explained.

Authorities seized 6.35 kg of gold from these melting operations and apprehended those managing the furnaces.

Subsequent searches at two shops connected to the "mastermind" resulted in the discovery of an additional 5.53 kg of gold bars, according to the official.

In total, the DRI confiscated 11.88 kg of 24-carat gold valued at Rs 15.05 crore, along with 8.72 kg of silver worth Rs 13.17 lakh, he confirmed.

The 11 arrested individuals include the "mastermind," a repeat offender with previous smuggling involvement, his father, a manager, four contracted melters, an accountant, and three delivery personnel, the official reported.

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