Mumbai Crime News: Byculla Jeweller Held For Usurping Gold Worth ₹2.3 Crore After Gaining Trader’s Trust

Mumbai: A jeweller from Byculla, Vijay Kumar Jethmal Jain (58), has been arrested by the L T Marg Police for allegedly defrauding another jewellery trader from the Mumbadevi area of gold ornaments worth over ₹2.3 crore. Jain was taken into custody on the night of June 14 and was later remanded to police custody after being presented before the court.

According to the complaint filed by Kamlesh Jain, a jewellery businessman, the accused had established a business relationship with him in 2022. After several successful transactions that built mutual trust, Vijay Jain placed an order for 2,289.440 grams of 22-carat gold ladies’ necklaces, claiming there was a large demand in Hyderabad. The estimated value of the order was over ₹2.3 crore.

On March 6, Kamlesh Jain’s salesman, Kaluram Gujar alias Shivam, delivered the jewellery to Vijay Jain at his shop, Chauhan Jewellers in Dagina Bazaar, Mumbadevi Road. Jain signed an approval challan confirming receipt of the gold ornaments and assured that payment or return in pure gold would be made within 5 to 7 days via RTGS.

However, months passed without any payment. When the complainant followed up, the accused kept delaying and eventually blocked his number. Efforts to reach him at his shop also failed. Kamlesh Jain later submitted a video as evidence, in which the accused allegedly admits to still possessing approximately 2,150 grams of pure gold belonging to the complainant.

Following an investigation, police arrested Vijay Jain and charged him under Sections 316(5) and 318(4) of the Bharatiya Nyaya Sanhita (BNS). He is currently held at L T Marg Police Station, and further investigation is underway to identify other potential victims.