DRI Probes Hawala Link In Dubai-Mumbai Gold Smuggling Racket Busted Under 'Operation Alchemist'

The Directorate of Revenue Intelligence (DRI) that had carried out “Operation Alchemist,” and busted a major illicit gold melting facility involved in processing of gold smuggled from Dubai into India via carrier passengers recruited by an organized syndicate is now probing the hawala angle involved in the racket. The syndicate operates across multiple countries, and the involvement of foreign nationals in this case underscores the global reach of these criminal activities, agency officials said.

The agency had arrested seven individuals on Monday and had seized gold, valued at Rs 8.93 crore during the operation.

"During the operation, two individuals coming out of the identified melting facility were intercepted, and 8.74 kg of gold in bar form was recovered from their possession. A prompt search of the facility led to the apprehension of two operators actively engaged in converting the smuggled gold into bars. Investigations revealed that 18 egg-shaped capsules containing gold had been smuggled into India earlier the same day through CSMI Airport, Mumbai. These capsules were melted down at the facility into six bars, cumulatively weighing 8.74 kg. Follow-up operations resulted in the apprehension of two additional individuals involved in collecting the smuggled capsules, along with the key person managing the melting operations," a DRI official had said.

"Sources for the purchase of the prohibited goods, distribution of these goods, Transfer of money through illegal hawala channels etc. is being investigated. The syndicate operates across multiple countries, and the involvement of foreign nationals in this case underscores the global reach of these criminal activities. The applicant is gathering additional evidence to identify and apprehend other key members of the syndicate, which could have far-reaching implications for international security and economic stability. The accused are integral members of an international smuggling syndicate and have committed serious economic offenses that pose a significant threat to the financial health of the country. The investigation is at a critical stage, with efforts being made to locate and apprehend other members of the syndicate," an agency official said on Tuesday.

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