Mumbai, 16 October 2023

 

Acting on specific intelligence, DRI, MZU searched two premises on 13/14 October at Zaveri Bazar Mumbai operated by an active gold smuggling syndicate. At the first premises, one 1Kg Gold bar with foreign markings was recovered without any proof of licit procurement. Following the lead from the first search, a second search was conducted which resulted in the recovery of further 7.022 Kg of foreign origin gold and Rs. 1,22,10,000/- in Indian currency (sale proceeds of smuggled gold). Further searches were conducted at 4 locations related to the syndicate, one of which led to busting of an active gold melting facility.

Thus, a total of 8.022 Kg of foreign origin smuggled gold valued at Rs. 4,78,74,547/- and Indian currency amounting to Rs. 1,22,10,000/- (sale proceeds of smuggled gold) was seized.

The manager of one premises, who is also one of the key persons of the syndicate from whose possession smuggled foreign origin gold was recovered, has been arrested and remanded to judicial custody. Other members of the syndicate are being traced. Further investigation is under process.

Gold smuggling poses a serious threat to the economic security of the country and DRI is committed to tackle this menace comprehensively.

 

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PIB Mumbai | NJ/ DR

 

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