In a major outbreak, the Directorate of Revenue Intelligence (DRI) busted a major gold smuggling and melting syndicate in Mumbai under “Operation Bullion Blaze” on Wednesday.
As reported by news agency IANS, the operation exposed an organised network engaged in smuggling gold into India, melting it in clandestine furnaces, and offloading the refined bullion into the grey market.
While acting on specific intelligence, the DRI officers conducted simultaneous searches on November 10 at four discreet premises in Mumbai, including two illegal melting units and two unregistered shops.
As per the reports, both the furnaces were found operational, equipped with complete setups to convert smuggled gold concealed in wax and other forms into bars.
Going ahead with the operation, the officials further seized 6.35 kg of gold on the spot and detained those running the units.
Moreover, the follow-up searches at two shops linked to the mastermind that were used for receiving smuggled gold and selling melted bars to local buyers eventually 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 provisions of the Customs Act, 1962, reported IANS.
However, eleven persons, including the mastermind, his father, a manager, four hired melters, an accountant, and three delivery personnel, were arrested by the DRI.
The officials, while highlighting the operation, said that “all accused were produced before the court in Mumbai and remanded to judicial custody,” as cited by news agency IANS.
Preliminary investigations indicate a well-organised conspiracy to smuggle and sell gold illicitly, in clear violation of India’s gold import policy and aimed at evading government revenue.
The DRI further reaffirmed its commitment to dismantling organised smuggling networks that undermine revenue, distort markets, and threaten fiscal stability.
By intercepting illicit gold flows and disrupting the shadow economy, the DRI continues to safeguard India’s economic interests and uphold a fair and transparent trading environment.
The authorities further said that the investigation in relation to the seizure is underway.
(With inputs from IANS)
