'Operation Gold Rush': Indian Authorities Seize 394 Pieces of Foreign-Made Bars

CC0 / / Gold bars
Gold bars - Sputnik International, 1920, 22.09.2022
As the wedding season approaches in India, brides and grooms pursue the traditional course of trying to accumulate as much gold as they can as a form of investment in their future. At the same time, gold prices traditionally soar in the run-up to the wedding season.
The Directorate of Revenue Intelligence (DRI) on Wednesday said it had seized 394 pieces of foreign-origin gold bars weighing 65.46 kg following a series of raids carried out in Bhiwandi in Maharashtra, Patna in Bihar, and Delhi, in what has been dubbed as "Operation Gold Rush."
The estimated value of the gold is up to INR 330 million ($41 million approx.).

"Specific intelligence indicated that a syndicate is actively planning to smuggle foreign-origin gold from India's northeastern state Mizoram and using domestic courier consignment of supply chain and logistic company," said an official release issued by the Finance Ministry.

The DRI seized the first consignment of 120 gold bars, weighing about 20 kg, in Maharashtra's Bhiwandi on September 19. Later, upon further investigation, the authorities busted similar consignments from Bihar and Delhi.
A paper titled "Golden Web" published by a Canadian agency, Impact, says India is one of the main gold capitals of the world, with almost a third of all gold passing through its borders. It also suggests that India is importing approximately 1,000 tons of gold per year — a quarter more than what official figures indicate.
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