DRI seizes 16.67 kg gold, 39.73 kg silver worth over Rs 10 crore in New Delhi

In a major breakthrough, the Directorate of Revenue Intelligence (DRI) has successfully intercepted seven consignments of “Electric Current/Potential Meters” at the Foreign Post Office in New Delhi. The consignments initially declared as “Current Guiaor Machine” arriving from Hong Kong, turned out to be a sophisticated cover for a gold smuggling operation.

A total of 56 electric meters were imported in these consignments. Shockingly, upon inspection, DRI officers discovered that the 56 back covers of these seemingly innocuous electric meters contained a staggering 16.67 kg of gold and 39.73 kg of silver, with an estimated market value of Rs. 10.66 crore.

According to a press release from the Ministry of Finance, the electric meters were found to be fully functional, equipped with genuine populated circuit boards. However, their unusually heavy weight raised suspicions among authorities. The outer covers of these meters, initially painted black, concealed a startling secret – they were made of an alloy of gold and silver in a ratio of approximately 30:70.

The press release detailed the meticulous efforts of the smugglers, who employed a white-colored alloy made from the gold-silver mix to manufacture the covers of the electric meters. These covers were then painted black in an attempt to avoid arousing suspicion during transit.

Preliminary investigations suggest the involvement of a well-organized syndicate in this elaborate gold smuggling operation. The syndicate strategically altered the appearance of the gold by alloying it with silver, changing its color from the traditional yellow to white. This innovative method of concealment allowed them to transport the precious metal under the guise of electronic equipment.

The DRI is currently conducting a thorough investigation into the matter, aiming to dismantle the entire smuggling network involved in this intricate operation. Authorities are working to trace the origins of the consignments, identify the key players in the syndicate, and bring them to justice.

This latest interception underscores the relentless efforts of Indian authorities to curb gold smuggling activities, showcasing the need for enhanced vigilance and security measures at ports and entry points. The Ministry of Finance has assured that further updates on the investigation will be provided as the case unfolds.