Mumbai News: DRI Busts Gold Melting Syndicate In City, 8 Kg Smuggled Gold Worth ₹4.78 Cr Seized

Mumbai News: DRI Busts Gold Melting Syndicate In City, 8 Kg Smuggled Gold Worth ₹4.78 Cr Seized

Agency officials announced the arrest of one person in connection with the case

Somendra SharmaUpdated: Monday, October 16, 2023, 08:08 PM IST
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Mumbai News: DRI Busts Gold Melting Syndicate In City, 8 Kg Smuggled Gold Worth ₹4.78 Cr Seized | FPJ

Mumbai: Officers from the Directorate of Revenue Intelligence (DRI) busted an active gold melting facility in the city, seizing a total of 8.022 kilograms of foreign-origin smuggled gold valued at Rs 4.78 crore, along with Indian currency amounting to Rs 1.22 crore. Agency officials announced the arrest of one person in connection with the case on Monday.

Acting on specific intelligence, officials from DRI's Mumbai Zonal Unit conducted searches at two premises in Zaveri Bazar on October 13 and 14, both operated by an active gold smuggling syndicate. During the first search, a 1 kg gold bar with foreign markings was recovered, lacking any proof of licit procurement.

2nd raid leads to seizure of 7 more kgs of gold

In a subsequent search prompted by findings from the initial operation, an additional 7.022 kg of foreign-origin gold and Rs 1.22 crores in Indian currency (proceeds from the sale of smuggled gold) were seized. Further searches were carried out at four locations associated with the syndicate, one of which led to the discovery of an active gold melting facility, as reported by a DRI source.

The manager of one of the premises, who is a key figure in the syndicate and was found in possession of smuggled foreign-origin gold, has been arrested and remanded to judicial custody.

"Other members of the syndicate are currently being traced. Gold smuggling poses a serious threat to the economic security of the country, and DRI is committed to comprehensively tackling this menace," stated an official.

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