9 months ago
Mumbai DRI Busts ₹15 Crore Gold Smuggling and Melting Racket, 11 Arrested
Imagine some people were secretly melting down gold that came from other countries, like Dubai, and other parts of India, like Kolhapur and Sangli.
They would mix it with other things to make it look like regular gold bars from India, even putting fake "VS Gold" and "RG" labels on them.
They did this in secret workshops and sold it to people in Mumbai.
But some smart detectives from a government agency called DRI found out about this.
They went to the secret places and caught 11 people, including the main boss who had done this before.
They also found and took away a lot of the fake gold and some silver, which was likely from selling the gold.
The people they caught couldn't show any papers to prove they got the gold the right way.
Now, the police are involved, and the people caught are in jail while the investigation continues.
DRI busted a gold smuggling and melting racket in Mumbai worth Rs 15 crore.
Eleven people were arrested, including the mastermind who sourced gold from Dubai, Kolhapur, and Sangli.
The syndicate melted, adulterated, and rebranded smuggled gold with markings like 'VS Gold' and 'RG'.
Authorities seized 11.88 kg of gold and 8.77 kg of silver from premises in Kalbadevi, Mazgaon, and Mumbadevi Road.
The accused failed to produce documents for the possession of the seized gold and silver, admitting to smuggling.
- Who
- Directorate of Revenue Intelligence (DRI) officials arrested 11 individuals, including mastermind N.V. Thakkar and his father V. Thakkar, along with his associates.
- What
- A racket involved in smuggling, melting, adulterating, and selling gold worth Rs 15 crore was busted. Approximately 11.88 kg of gold and 8.77 kg of silver were seized.
- Where
- The racket operated in Mumbai, with raids conducted at premises in Kalbadevi, Mazgaon, and Mumbadevi Road. The mastermind procured gold from Dubai, Kolhapur, Sangli, and other parts of Maharashtra.
- When
- DRI officials made the arrests on Tuesday and the accused were produced before the court and remanded to judicial custody.
- Why
- The syndicate aimed to disguise the illicit origin of smuggled gold by melting, adulterating, and rebranding it as 'VS Gold' and 'RG' for sale in the local market, primarily through cash transactions without proper documentation.
DRI
Accused
Source of Gold
DRI
Gold was smuggled, primarily in egg-shaped capsules containing gold dust mixed with wax and gold paste.
Accused
N.V. Thakkar admitted to procuring smuggled gold from contacts and clients based in Dubai, Kolhapur, Sangli, and other parts of Maharashtra.
Processing of Gold
DRI
Gold was melted, adulterated, and converted into Indian bars with markings 'VS Gold' and 'RG' at unauthorized workshops to disguise its illicit origin.
Accused
N.V. Thakkar stated he owned and supervised unregistered premises for processing, adulteration, and concealment of smuggled gold.
Nature of Transactions
DRI
The syndicate sold the rebranded gold primarily through cash transactions without any invoices or documents.
Accused
Accused could not produce any valid documents evidencing the lawful acquisition or possession of the recovered gold and silver.
Key facts
- Value of Gold Seized
- Rs 15 crore
- Quantity of Gold Seized
- 11.88 kg
- Value of Silver Seized
- Rs 13.77 lakh
- Quantity of Silver Seized
- 8.77 kg
- Number of Arrests
- 11
- Mastermind Identified As
- N.V. Thakkar
- Branding Used
- 'VS Gold' and 'RG'
Quotes
DRI official
A DRI official providing information on the case
“In his voluntary statement, N.V. Thakkar stated that he owned, operated and supervised several unregistered premises across Mumbai and intentionally maintained them for the processing, adulteration, and concealment of the illicit origin of the smuggled gold without any documents or invoices, branding smuggled gold as 'VS Gold' and 'RG'. He voluntarily admitted to operating a smuggling syndicate in partnership with his father, V. Thakkar, and an associate, S.C. Narale. He admitted that he procured smuggled gold from contacts and clients based in Dubai, Kolhapur, Sangli, and other parts of Maharashtra through his office boys and agents. he gets the smuggled gold melted, adulterated and converted in to Indian bars with Marking 'VS Gold' and 'RG' to disguise its illicit origin at unauthorised workshops and sell the rebranded gold through the VS Gold premises and other unregistered locations, primarily for cash transactions without any invoices or documents. He is a repeat offender, having multiple cases in DRI Patna and DRI Mumbai.”
freepressjournal.in
