Operation Bullion Blaze: DRI busts major gold-smuggling syndicate in Mumbai; 11.88 kg gold seized

The Directorate of Revenue Intelligence (DRI) has busted a major gold-smuggling syndicate in Mumbai under 'Operation Bullion Blaze'. According to the official release, the operation uncovered an organised racket that was involved in smuggling gold into India, melting it in covert furnaces and illicitly selling the refined bullion into the grey market.

On November 10, acting on special intelligence, DRI officers carried out synchronised searches at four discreetly located places in Mumbai—two illegal melting units and two unregistered shops.

The found furnaces were fully operational and were equipped with complete setups for smuggling gold in wax and other forms into bars. The officers acted quickly, detaining the operators and seizing 6.35 kg of gold on the spot. The follow-up searches at the two shops led to the recovery of melted gold bars of 5.53 kg from one of the shops. Both the shops were used by the mastermind for receiving smuggled gold and selling the melted bars to local buyers, as per the official release.

11.88 kg gold and 8.72 kg silver seized by DRI

Overall, 24-carat gold of 11.88 kg (Rs 15.05 crore) and 8.72 kg of silver (Rs 13.17 lakh) were seized in accordance with the provisions of the Customs Act, 1962.

"A total of 11 persons, involved in smuggling, melting, and illicit sale of gold, were arrested, including the mastermind, who has a 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," the official release read.

All accused were produced before the JMFC, Mumbai, and remanded to judicial custody.

Preliminary findings point to a perfectly planned conspiracy for gold smuggling and illicit sale, in blatant violation of India’s gold import policy and aimed at defrauding government revenue.

'DRI remains determined to root out organised smuggling networks'

"The DRI remains determined to root out organised smuggling networks that drain revenue, distort markets, and threaten fiscal stability. By intercepting illicit gold flows and disrupting the shadow economy that fuels them, DRI continues to safeguard India’s economic and fiscal stability and ensure a fair and transparent trading environment."

"Further investigation is in progress", said the official release.