Mumbai: Investigations by the Directorate of Revenue Intelligence (DRI) into the case wherein the agency officials had busted gold melting facilities and had seized Rs 15 crore worth gold following arrest of 11 persons, has revealed that the kingpin of the syndicate procured smuggled gold from contacts and clients based in Dubai, Kolhapur, Sangli, and other parts of Maharashtra.
The gold was then melted, adulterated and converted into Indian bars with Marking “VS Gold" and "RG" to disguise its illicit origin at unauthorised workshops and sell the rebranded gold.
11 Arrested Including Mastermind With Past Smuggling Record
DRI officials on Tuesday arrested 11 persons involved in smuggling, melting, and the 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 court and were remanded to judicial custody. The agency has seized 11.88 kg gold worth Rs 15 crores and 8.77 kg silver worth Rs 13.77 lakh. Those apprehended were identified as S.S. Joshi, A.S. Kesarkar, V.V. Kadam, P. Kumar, N.V. Thakkar, S. Joshi, S.C. Narale, V. Thakkar, V H. Rabari, S.P. Tripathi and S.P. Rathod.
Raids Conducted At Kalbadevi, Mazgaon, And Mumbadevi Road
According to the DRI, specific intelligence was developed indicating that a premises at Kalbadevi and Mazgaon, were being used for melting and processing smuggled gold, and that the melted gold was being disposed of in the local market through trading activities conducted from an office at Mumbadevi Road, searches were conducted at the aforesaid three premises accordingly.
During the search at the premises the agency officials seized gold and silver. The accused persons could not produce any valid documents evidencing the lawful acquisition or possession of the recovered gold and silver.
They admitted that the gold had been smuggled, primarily in the form of egg-shaped capsules containing gold dust mixed with wax and gold paste, which were subsequently melted and processed for sale in the local market. It was further revealed that the recovered silver represented the sale proceeds of the smuggled gold.
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Kingpin Confesses To Running Smuggling Syndicate With His Father
"In his voluntary statement, N.V. Thakkar stated that he owned, operated and supervised several unregistered premises across Mumbai and intentionally maintained them for the processing, adulteration, and concealment of the illicit origin of the smuggled gold without any documents or invoices, branding smuggled gold as 'VS Gold' and 'RG'. He voluntarily admitted to operating a smuggling syndicate in partnership with his father, V. Thakkar, and an associate, S.C. Narale. He admitted that he procured smuggled gold from contacts and clients based in Dubai, Kolhapur, Sangli, and other parts of Maharashtra through his office boys and agents. he gets the smuggled gold melted, adulterated and converted in to Indian bars with Marking 'VS Gold' and 'RG' to disguise its illicit origin at unauthorised workshops and sell the rebranded gold through the VS Gold premises and other unregistered locations, primarily for cash transactions without any invoices or documents. He is a repeat offender, having multiple cases in DRI Patna and DRI Mumbai," said a DRI official.
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