Mumbai, April 15 The Directorate of Revenue Intelligence (DRI) has busted a gold smuggling syndicate in Mumbai and arrested four persons. During the operation, officials seized gold and silver valued at around Rs 6 crore, along with cash amounting to approximately Rs 3.71 crore.
According to the DRI, specific intelligence was developed that two individuals involved in gold smuggling were planning to deliver a consignment of smuggled gold at a shop located on Dhanji Street in Kalbadevi. Acting on this input, DRI officers mounted surveillance at the location and identified the suspects. The duo was intercepted while entering the shop.
Upon questioning, the accused admitted that they were carrying smuggled gold of foreign origin in the form of cut pieces and bars, which they intended to sell. A search of the shop led to the recovery of cash worth Rs 39.50 lakh, 3,540.27 grams of gold provisionally valued at Rs 5.50 crore, and 18,827 grams of silver valued at Rs 46.69 lakh.
The recovered silver and cash were seized on the reasonable belief that they were proceeds from the sale of smuggled gold. Subsequently, searches were conducted at the residence of one of the accused in Madanpura. During the search, officials recovered large bundles of Indian currency totalling Rs 3.31 crore.
In addition, items such as cash-counting machines, a gold weighing machine, and a gold bar cutter were found at the residence. A notebook containing accounting details suspected to be linked to smuggled gold transactions was also seized. However, the accused failed to provide any satisfactory explanation or supporting documents regarding the entries in the notebook.
According to DRI sources, specific intelligence was developed that two persons, identified as M.I. Damudi and I.A. Damudi, involved in gold smuggling, were going to deliver a consignment of smuggled gold at a shop at Dhanji Street, Kalbadevi.
Based on the said intelligence, a vigil was set by the DRI officers at the spot, and the suspect duo was identified and intercepted while entering the shop on Monday.
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