Mumbai, Nov 12 : The Directorate of Revenue Intelligence (DRI) has busted a major gold smuggling and melting syndicate in Mumbai under â??Operation Bullion Blazeâ??, an official statement said on Wednesday.

The operation exposed an organised network engaged in smuggling gold into India, melting it in clandestine furnaces, and offloading the refined bullion into the grey market.

Acting on specific intelligence, DRI officers conducted simultaneous searches on November 10 at four discreet premises in Mumbai -- two illegal melting units and two unregistered shops.

Both furnaces were found operational, equipped with complete setups to convert smuggled gold concealed in wax and other forms into bars. Officers seized 6.35 kg of gold on the spot and detained those running the units.

Follow-up searches at two shops linked to the mastermind -- used for receiving smuggled gold and selling melted bars to local buyers -- led to the recovery of an additional 5.53 kg of gold bars.

In total, 11.88 kg of 24-carat gold valued at Rs 15.05 crore and 8.72 kg of silver worth Rs 13.17 lakh were seized under the provisions of the Customs Act, 1962.

Eleven persons, including the mastermind, his father, a manager, four hired melters, an accountant, and three delivery personnel, were arrested. All accused were produced before the court in Mumbai, and remanded to judicial custody, according to the statement.

Preliminary investigations indicate a well-organised conspiracy to smuggle and sell gold illicitly, in clear violation of Indiaâ??s gold import policy and aimed at evading government revenue.

The DRI reaffirmed its commitment to dismantling organised smuggling networks that undermine revenue, distort markets, and threaten fiscal stability. By intercepting illicit gold flows and disrupting the shadow economy, the DRI continues to safeguard Indiaâ??s economic interests and uphold a fair and transparent trading environment.

Further investigation is underway.

/IANS