SRINAGAR: In a major crackdown on organised gold smuggling, the Directorate of Revenue Intelligence (DRI) on Tuesday arrested eleven individuals allegedly involved in a large-scale syndicate operating across Mumbai. The agency seized 11.88 kilograms of gold valued at around Rs 15 crore and 8.77 kilograms of silver worth Rs 13.77 lakh during coordinated raids, Free Press Journal reported on Wednesday.
Those arrested have been identified as SS Joshi, AS Kesarkar, VV Kadam, P Kumar, NV Thakkar, S Joshi, S Narale, V Thakkar, VH Rabari, SP Tripathi, and SP Rathod.
According to the DRI, as per Free Press Journal, specific intelligence indicated that premises in Kalbadevi and Mazgaon were being used for melting and processing smuggled gold. The processed metal was allegedly sold in the local market through trading activities from an office on Mumbadevi Road. Searches at all three locations led to the recovery of the gold and silver.
Officials said the accused failed to produce valid documents proving the lawful possession or purchase of the seized metals. They later admitted that the gold had been smuggled into the country in the form of egg-shaped capsules containing gold dust mixed with wax and paste, which were melted and processed before being sold locally. The silver, officials added, represented the proceeds from smuggled gold sales.
“The case involves a duty evasion of approximately Rs 5.27 crore and indicates a deep-rooted conspiracy to defraud the government and destabilise the economic security of India,” a DRI official said as reported by Free Press Journal. “Preliminary findings suggest a well-organised network that may also involve foreign nationals, hawala operators, and other unidentified collaborators.”
The official added that the smuggled gold was intended for distribution to several local buyers who are also suspected to be part of the syndicate. “The investigation is at a crucial stage, and efforts are ongoing to trace the money trail, financiers, and additional members of the network,” the official said.
