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The Directorate of Revenue Intelligence (DRI) busted a gold smuggling racket by conducting raids Sunday on two facilities allegedly involved in melting gold, as well as two unregistered shops linked to the network. During the action, named ‘Operation Bullion Blaze’, it seized 11.88 kg of gold, valued at Rs 15 crore.
The agency arrested 11 people, including the mastermind behind the operation, his father, employees, delivery boys, and an accountant. The arrested accused have been identified as N V Thakkar, V Thakkar, S S Joshi, S Joshi, A S Kesarkar, V V Kadam, P Kumar, S Narale, V H Rabari, SP Tripathi and S P Rathod.
The organised racket smuggled gold to India to melt in covert furnaces and illegally sold the refined bullion on the grey market, said the agency.
Officials received specific information on Sunday indicating that two locations in Kalbadevi and Mazgaon were being used for melting gold and selling it in the local market. Teams were formed to conduct simultaneous searches at two illegal melting units and two unregistered shops.
During the raid, DRI discovered that both units were fully operational and equipped with complete setups for converting smuggled gold, in wax and other forms, into bars. Those working in the units were taken into custody, and based on their confessions, the mastermind behind the racket was apprehended, said a DRI official.
The officers recovered 6.35 kg of gold on the spot. During further probe, two shops were also raided, which were used by the mastermind to receive the smuggled gold and sell the melted bars to local buyers. The officers recovered an additional 5.53 kg of gold bars from one of the shops. As much as 11.88 kilograms of 24-carat gold, valued at Rs 15.05 crore, and 8.72 kg of silver worth Rs 13.17 lakh, were seized under the provisions of the Customs Act, 1962.
According to DRI officers, 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 the accused were arrested after they failed to produce valid documents to support their possession of gold and silver. They were produced in a court Tuesday and remanded in judicial custody.
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