Mumbai Fraud: 4 Jewellers’ Gold Worth ₹4 Crore Misappropriated; Accused On Run

Mumbai: In a major jewellery fraud case, four accused have been declared wanted by the LT Marg Police for allegedly misappropriating gold ornaments worth nearly Rs 4 crore from three different jewellers in the Kalbadevi, Sheikh Menon Street, and Dhanji Street areas.

The accused have been identified as Bhavesh Solanki, Ramesh Jain, Dayashankar Sharma, and Avnish Goldi. Police have registered three separate cases of cheating and criminal breach of trust, and teams are conducting raids to trace the fugitives.

In one Case, Employee absconds with Rs 2.5 crore worth of gold

Complainant Lalit Soni, owner of Shine Gold in Kalbadevi, stated that his employee Ramesh Jain regularly took gold ornaments to jewellers in Karnataka for sale and was responsible for bringing back the payment.

Between May and June, he was entrusted with 4,710 grams of gold, of which 2,200 grams were returned. The remaining 2,510 grams — valued at about ₹2.5 crore — were neither returned nor paid for. Jain allegedly stalled when questioned and later went absconding.

In another Case Rs 1.35 crore fraud under pretext of business trust

Nilesh Bansilal Pamecha, owner of Swarn Mudra jewellers on Dhanji Street, said he had known Bhavesh Solanki, owner of Mahendra Jewellers Mart in Andhra Pradesh, for two years. In June 2023, relying on mutual trust, Pamecha handed over 1,810 grams of gold ornaments worth Rs 1.35 crore. Solanki failed to return either the payment or the gold within the agreed period and has since disappeared.

Gold worth ₹18 lakh disappears

In another Ornaments worth Rs 18 lakh vanish Pratik Pawan Kumar Parmar, a jeweller on Sheikh Menon Street, lodged a complaint against Dayashankar Sharma, owner of a courier firm, and Avnish Goldi, proprietor of Gold Jewels.

In February, Parmar handed them 217 grams of gold ornaments worth ₹18 lakh. Both allegedly defaulted on payment and went missing along with the jewellery.

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Police action

All three complaints have been registered at LT Marg Police Station. Police say evidence against the accused is strong and have initiated search operations, expressing confidence that arrests will be made soon.