7 booked for duping SoBo resident of ₹12.3 cr

The accused took money and gold from the complainant for doing business and promised a good profit in return.

Mumbai: Seven people – including four directors of a gold jewellery manufacturing firm – were booked for allegedly duping a 65-year-old south Mumbai businessman of ₹12.31 crore. The accused took money and gold from the complainant for doing business and promised a good profit in return.

After finding that the complaint disclosed the commission of a cognizable offence, the EOW officials on Monday took the complainant to the LT Marg police station and based on that an FIR was registered. The seven accused are booked under sections 420 (cheating), 409 (criminal breach of trust by an agent or mediator) and 34 (common intention) of the Indian Penal Code. (Image for representation)

However, they failed to return the gold and the interest. The Economic Offences Wing (EOW) of the Mumbai police is probing the case.

The complainant – Bipin Kanhiayyalal Mehta – is a resident of the Nana Chowk area and has a gold jewellery business. Based on his complaint, LT Marg police on Monday registered a case against the director of Damara Gold Private Limited, Jagdish Pahuja, Monil Pahuja, Rajil Pahuja, Jaychandan Satyanarayan, company’s accountant Mohan Devdiga, chief sales officer Raghunath Sachwani and general manager of Sharjah office Shabbir Patanwala for allegedly cheating the complainant.

Mehta is known to Pahuja because of business relationships.

In January 2021, Jagdish Pahuja told him (Mehta) to do jewellery business with him. “He had asked Mehta to give gold and he would make jewellery from them. He also asked for gold which will be used in making jewellery for Pahuja’s clients, and by this way, Mehta could also make a profit,” said a police officer.

Mehta alleged in the FIR, “Damara Gold Private Limited company owes gold worth ₹5.12 crore. It also owes Mehta’s firm gold worth ₹81.65 lakh that it had taken to make jewellery to be exported. Mehta had also exported gold jewellery worth ₹3.63 crore to a company called KPS Jewelry on Pahuja’s instructions and besides this, Mehta’s firm had also given ₹59.78 lakh to Pahuja for making jewellery for a renowned company.”

Mehta had also claimed that on Pahuja’s instructions, he had paid government taxes ₹87.10 lakh.

The accused accepted gold and cash from Mehta but failed to return him the promised returns and the invested gold and cash. When Mehta confronted them, they ignored him and tried to buy more time by citing various reasons.

Seeing their purportedly dishonest intentions, Mehta approached the EOW and filed a complaint, alleging that the accused defrauded him to the tune of ₹12.31 crore, as per the police.

After finding that the complaint disclosed the commission of a cognizable offence, the EOW officials on Monday took the complainant to the LT Marg police station and based on that an FIR was registered.

The seven accused are booked under sections 420 (cheating), 409 (criminal breach of trust by an agent or mediator) and 34 (common intention) of the Indian Penal Code.

Mehta did not respond to phone calls.