City-based jeweller Aditya Jain has been booked by Division Number 8 police for allegedly siphoning off ₹11.10 crore from a Mohali businessman under the pretext of gold trading, following a high court-ordered probe that found prima facie evidence of cheating and criminal breach of trust.
The case was registered on the complaint of Sagar Singla, whose family operates a jewellery shop in Chandigarh dealing in gold and diamond ornaments. The complaint followed the recommendations of a special inquiry committee constituted by the Punjab and Haryana high court, formed to examine allegations between the two parties. The committee included the deputy commissioner of police (Investigation), additional DCP (Operations), and ACP (Detective-1), Ludhiana.
According to the FIR, Jain approached Singla in October 2024 with an offer to supply gold on advance bookings, promising assured margins. Trusting the arrangement, Singla transferred money in stages to Jain’s linked entities for bulk gold bookings.
Between October 2024 and April 2025, Singla allegedly transferred ₹20.38 crore to three firms associated with Jain. In return, he reportedly received only 9.532 kg of gold valued at ₹7.51 crore, along with a partial refund of ₹1.76 crore. The outstanding sum of ₹11.10 crore remains unrecovered despite repeated demands.
The high court-appointed inquiry committee scrutinised bank statements, business records and WhatsApp communications, concluding that Jain failed to provide proof of actual gold bookings corresponding to the money received. Additionally, a report from the assistant excise and taxation commissioner regarding the billing pattern of Jain’s jewellery shop raised further concerns over the legitimacy of the transactions.
{{/usCountry}}The high court-appointed inquiry committee scrutinised bank statements, business records and WhatsApp communications, concluding that Jain failed to provide proof of actual gold bookings corresponding to the money received. Additionally, a report from the assistant excise and taxation commissioner regarding the billing pattern of Jain’s jewellery shop raised further concerns over the legitimacy of the transactions.
{{/usCountry}}The committee recommended the registration of a case under Sections 316(2) and 318(4) of the Bharatiya Nyaya Sanhita (BNS), citing prima facie evidence of criminal breach of trust and cheating.
Police officials said investigations are ongoing to determine whether fake invoices were generated and if additional individuals were complicit in the alleged fraud. “If further evidence emerges, additional charges and accused may be added,” a senior officer stated.
Notably, Jain had previously approached the high court seeking transfer of the investigation, claiming threats and intimidation by the complainant’s side. The inquiry committee, however, rejected his claims, upholding Singla’s account as supported by documentary evidence.
Inspector Amaritpal Sharma, SHO of Division Number 8 police station, said a hunt is on to nab Jain, who is currently absconding.