Gold smuggling racket busted in Mumbai, Rs 15 cr yellow metal seized; 11 held

MUMBAI: (Nov 12) The Directorate of Revenue Intelligence (DRI) has busted a gold smuggling syndicate, seizing the precious metal valued at Rs 15 crore and arresting 11 persons, including the "mastermind", officials said on Wednesday.

Preliminary investigations suggest a well-planned conspiracy to smuggle gold into India and sell the refined metal in the grey market, violating import rules and evading government revenue, according to an official.