Operation Bullion Blaze: Cracking Down on Mumbai's Gold Smuggling Syndicate

The Directorate of Revenue Intelligence (DRI) has successfully dismantled a significant gold-smuggling operation in Mumbai through 'Operation Bullion Blaze.' The raid revealed a clandestine network smuggling and refining gold to sell in the grey market. The operation has led to multiple arrests and significant gold and silver seizures.

The Directorate of Revenue Intelligence (DRI) has dismantled a sophisticated gold-smuggling syndicate operating in Mumbai, as part of 'Operation Bullion Blaze,' the Finance Ministry announced on Wednesday. The crackdown revealed a highly organized network involved in smuggling, refining, and illicitly distributing gold in the grey market, with significant financial implications.

On November 10, DRI officials acted on specific intelligence, conducting coordinated raids across four discreet locations in Mumbai. These included two illegal gold melting units and two unregistered retail shops. The blitz resulted in the detention of multiple suspects and the immediate seizure of 6.35 kg of gold from fully operational furnaces—key instruments in the smuggling operation. Additional investigations led to the retrieval of 5.53 kg of gold bars from a shop used by the syndicate's mastermind.

In total, the DRI confiscated 11.88 kg of 24-carat gold, worth Rs 15.05 crore, and 8.72 kg of silver valued at Rs 13.17 lakh, all under the Customs Act of 1962. Eleven individuals, including the ring leader, have been arrested. This syndicate, featuring roles from melters to delivery persons, aimed at circumventing India's gold import regulations, thereby evading government revenue. The operation underscores DRI's commitment to protecting India's economic interests and ensuring a transparent trading environment by systematically dismantling smuggling networks.

(With inputs from agencies.)