(MENAFN- AsiaNet News)

The Directorate of Revenue Intelligence (DRI) has cracked down on a major gold-smuggling syndicate in Mumbai under "Operation Bullion Blaze." According to an official release, 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.

Details of the Raids and Seizures

Acting on specific intelligence, on November 10, DRI officers carried 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.

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. 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.

Arrests Made and Syndicate Structure

A total of 11 persons, involved in smuggling, melting, and illicit sale of gold were arrested, including the mastermind, who has a past 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. All accused were produced before the Hon'ble JMFC, Mumbai, and remanded to judicial custody.

Wider Implications and DRI's Commitment

Preliminary findings point to a well-orchestrated conspiracy for gold smuggling and illicit sale, in blatant violation of India's gold import policy and aimed at defrauding government revenue. The DRI remains determined to root out organised smuggling networks that drain revenue, distort markets, and threaten fiscal stability.

By intercepting illicit gold flows and disrupting the shadow economy that fuels them, DRI continues to safeguard India's economic and fiscal stability, and ensure a fair and transparent trading environment. Further investigation is in progress.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

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