Jeweller dupes bizman of ₹11.71 crore gold

EOW Mumbai registers case against Jaipur Jewels Global Ltd for allegedly duping businessman of ₹11.71 crores; FIR lodged under various sections of IPC.

MUMBAI: The Economic Offences Wing (EOW) of Mumbai Police has registered a case against Jaipur Jewels Global Ltd, a well-known jeweller from South Mumbai, on Friday for allegedly duping a businessman by taking jewellery worth ₹ 3.55 crore from him promising him 9% interest annually.

HT Image

The cheating amount has now gone up to ₹11.71 crores as the value of the gold is presently ₹6.82 crore and the interest accrued is ₹4.89 crore, said police sources.

A case has been registered against Amit Naheta, managing director of Jaipur Global Limited, by Nitin Didwania, 49, managing director of Hazel Mercantile Limited and a resident of Nepean Sea Road in South Mumbai. Didwania’s company is into the export and import of metals and oils. The Jaipur Jewels Global Limited has a store at Nana Chowk apart from other stores in the city, said the officer.

As per the FIR registered with the Malabar Hill police, in June 2017, the complainant had purchased 12,128 grams of 24-carat gold worth ₹3.55 crore from Naheta’s store. “After a few days Naheta approached the complainant and requested him to ‘invest’ the purchased gold with him rather than keeping it at home and he will give him 9% interest annually in the form of gold,” said the police officer.

The complainant believing him gave the gold to Naheta who avoided making any agreement of the same and told him he would give him the returns properly.

“Later Naheta didn’t give any interest as promised when the complainant questioned him about the same, he was told that the business was slow. Finally, after several reminders in 2022, he gave him postdated cheques for ₹10 crore. After several insistence in June 2023, Naheta even returned 100 grams gold bar to the complainant,” said the police officer.

The police said the cheques also bounced. “Thus, the complainant was cheated by taking 12,128 grams of gold present value ₹6.82 crores and interest accrued in terms of gold 8702 grams valuing around ₹4.89 crores as Naheta didn’t pay him anything,” said the police officer.

A case has been registered under sections 420 (cheating), 409 (criminal breach of trust by a public servant, banker, merchant or agent) and 34 (common intention) of the Indian Penal Code. EOW is further inquiring about the case.