16 October,2023 08:23 PM IST | Mumbai | Faizan Khan
Pic/DRI
Mumbai crime: In a significant breakthrough, the Mumbai Zonal Unit of the Directorate of Revenue Intelligence (DRI) has successfully dismantled a gold smuggling syndicate operating in Mumbai, officials said on Monday.
Acting on precise intelligence, DRI officials conducted raids at two locations in Mumbai's Zaveri Bazaar on the 13th and 14th of October, uncovering the operations of an active gold smuggling network.
In the initial search, a substantial discovery was made. DRI agents confiscated a 1 kg gold bar bearing foreign markings, which had no evidence of legal procurement. Subsequently, a more thorough search unveiled an additional 7.022 kg of foreign-origin gold. Alongside this, they seized Rs. 1,22,10,000/- in Indian currency believed to be the proceeds from the illegal sale of gold, the officials said.
As the investigation progressed, four more locations associated with the syndicate were probed, ultimately leading to the dismantling of an operational gold melting facility. In total, the DRI seized a staggering 8.022 kg of smuggled gold of foreign origin, valued at over Rs 4.78 crore. They also recovered Indian currency amounting to over Rs 1.22 crore, which was identified as the sale proceeds of the smuggled gold, the officials added.
A pivotal moment in the case came with the apprehension of the syndicate's manager, a key figure within the operation. The individual, found in possession of smuggled foreign-origin gold, has been placed under arrest and subsequently remanded to judicial custody.
DRI officials stated, "Efforts to trace other members of the syndicate are currently underway, as the investigation continues to unfold."
