Mumbai DRI busts major Gold-Smuggling syndicate, 11 arrested

The Directorate of Revenue Intelligence (DRI) has dismantled a major gold-smuggling syndicate in Mumbai through a well-coordinated operation named “Operation Bullion Blaze.” Acting on specific intelligence, DRI officials conducted simultaneous raids on four locations on November 10, targeting two illegal gold-melting units and two unregistered shops linked to the syndicate.

The operation uncovered a sophisticated network that smuggled gold into India, melted it in covert furnaces, and sold the refined bars in the grey market, evading customs duties and taxes. The melting units were found fully operational, with setups capable of converting smuggled gold in wax and other forms into 24-carat bars, making it indistinguishable from legally imported bullion.

During the raids, officials seized 6.35 kg of gold from the melting units and recovered an additional 5.53 kg of gold bars from one of the shops. In total, 11.88 kg of gold valued at approximately Rs 15.05 crore and 8.72 kg of silver worth Rs 13.17 lakh were confiscated under the Customs Act, 1962.

A total of 11 individuals were arrested, including the syndicate mastermind, his father, a manager, four hired melters, an accountant responsible for tracking smuggled gold, and three delivery personnel who handled distribution. All were remanded to judicial custody by the Hon’ble JMFC, Mumbai.

Gold smuggling is a significant concern for India, as it not only deprives the government of customs revenue but also distorts market prices, fuels the grey economy, and threatens fiscal stability. Syndicates like this exploit loopholes in import policies, making enforcement operations crucial for safeguarding legal trade and economic integrity.

The DRI emphasised that operations like Bullion Blaze are aimed at dismantling organised smuggling networks, deterring future crimes, and ensuring a fair and transparent trading environment. By targeting masterminds and operational networks, the agency seeks to weaken grey-market operations and promote compliance with India’s gold import regulations.

Further investigation into the syndicate’s operations is ongoing.