Mumbai, November 13: India’s premier anti-smuggling agency, the Directorate of Revenue Intelligence (DRI), has dismantled a major gold-smuggling and illegal bullion-melting network in Mumbai, seizing 11.88 kg of 24-carat gold worth ₹15.05 crore and arresting 11 individuals, including the alleged mastermind. The action was carried out under a coordinated enforcement drive titled “Operation Bullion Blaze.”
Four Locations Raided; Underground Melting Units Found Operational
Acting on actionable intelligence, DRI teams conducted simultaneous raids across four discreet premises—two covert melting units and two unregistered bullion shops.
During the operation, officers found both furnaces fully functional with setups designed to convert smuggled gold concealed in wax and other forms into refined gold bars.
- 6.35 kg gold recovered from the melting units
- 5.53 kg gold bars recovered from an unregistered shop
- 8.72 kg silver worth ₹13.17 lakh also seized
The total seizure falls under provisions of the Customs Act, 1962.
Mastermind, Family Members and Melters Among Those Arrested
According to DRI, the syndicate was run by a habitual offender who had been previously involved in gold smuggling. The operation exposed a multi-layered network that included:
- The mastermind
- His father
- A manager
- Four hired melters
- An accountant managing illegal bullion records
- Three delivery agents transporting illicit gold
All accused were produced before the JMFC Court in Mumbai and have been remanded to judicial custody.
A Sophisticated Racket Designed to Evade Import Policy
Preliminary investigation indicates that the group was systematically violating India’s gold import policy by pushing smuggled gold into the grey market after melting and rebranding it as domestic bullion.
Officials said the racket was engineered to evade customs duty, distort the regulated bullion market, and cause direct revenue loss to the exchequer.
DRI Intensifies Crackdown on the Shadow Bullion Economy
The Finance Ministry noted that the operation highlights the DRI’s continued focus on dismantling organised smuggling networks that fuel the shadow economy.
A spokesperson said the agency will keep targeting syndicates that “distort markets and undermine fiscal stability” through illicit gold flows.
Further investigation is underway to identify the broader supply chain and potential overseas links.
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