Overview
- Simultaneous raids on two illegal melting units and two unregistered shops in Kalbadevi, Mazgaon and Mumbadevi Road recovered 11.88 kg of 24-carat gold worth about Rs 15.05 crore and 8.72 kg of silver.
- Eleven suspects, including the alleged mastermind with a prior smuggling record, his father, a manager, four hired melters, an accountant and three delivery personnel, were produced in a Mumbai court and remanded to judicial custody.
- DRI estimates duty evasion at roughly Rs 5.27 crore, citing a scheme that melted smuggled gold concealed in egg-shaped capsules and wax or paste into bars for grey-market sale.
- A DRI account of the probe says the alleged kingpin claimed he sourced smuggled gold from Dubai, Kolhapur and Sangli and rebranded bars with markings “VS Gold” and “RG” to disguise origin.
- Officials say the inquiry now targets additional syndicate members, buyers, financiers and potential hawala or foreign links, with further investigation underway.