Mumbai: DRI Uncovers Illegal Gold Extraction Operation in Kalbadevi, Seizes Rs 19.6 Crore in Goods

Mumbai, 11th December 2024: On Monday, the Directorate of Revenue Intelligence (DRI) uncovered an illegal gold extraction and refining operation in Kalbadevi, designed to melt and process smuggled gold. The DRI arrested bullion trader Ankush Jadhav, a Mulund resident, and seized 23.92 kilograms of gold in bars, melted form, and foreign-marked gold, 37 kilograms of melted silver, and ₹5.40 lakh in cash, believed to be proceeds from smuggled gold sales. The total value of the seized items, including cash, is estimated at ₹19.6 crore.

Jadhav, who operates Alankar Bullion India, was arrested after workers and helpers at the location provided statements. He was unable to present valid documentation or explain the source of the gold, reinforcing suspicions of smuggling. Authorities are also searching for several of Jadhav’s associates who reportedly fled after learning of the raid. Jadhav’s lawyer, Ravi Hirani, stated, “My client is involved in the legitimate business of melting gold into jewellery based on customer orders, and he will present the necessary documents and bills for the gold.”