Mumbai : 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.

DRI Mumbai Zonal unit had received information about the gold smuggling and melting syndicate being operated in Mumbai .

Based on it, DRI teams carried out simultaneous searches on Monday at four locations in the city, including two illegal melting units and two unregistered shops.

They found a fully functional unit, where smuggled gold was being me

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