Mumbai, Nov. 13 -- In a major swoop code-named "Operation Bullion Blaze", the Directorate of Revenue Intelligence (DRI) has busted a major gold smuggling and melting syndicate in Mumbai, with the arrest of 11 persons and seizure of 11.88 kg gold worth Rs 15.05 crore and 8.72 kg silver. The operation uncovered an organised racket involved in smuggling gold into India, melting it in covert furnaces, and illicitly selling the refined bullion into the grey market.

Acting on specific intelligence, the DRI officers carried out simultaneous searches at four discreetly located premises in Mumbai - two illegal melting units and two unregistered shops."Both furnaces were found fully operational, equipped with complete setups for converting smuggle...