Jeweller lured by cheap raw gold, loses ₹5.26 cr

A 62-year-old jeweller in Mumbai was cheated of ₹5.26 crore by a scam group promising raw gold from Tanzania, but he never received it.

MUMBAI: A 62-year-old jeweller was cheated to the tune of ₹5.26 crore by a scamster group who offered him 40 kgs of raw gold at a cheap price. The seven accused allegedly claimed they were supplying gold from mines they operate in Tanzania, said the Dongri police, who registered a case against them on Friday.

Jeweller lured by cheap raw gold, loses ₹5.26 cr

The victim, Rajendra Soni, has been running a jewellery shop in Dongri for the past 25 years. He also runs a manufacturing firm in partnership with Irfan Khan and Mohammad Ruman Khan. In 2013, Irfan allegedly told Soni about a metal mining firm, which then began mining gold from Tanzania, said a police officer. Soni, through Ruman met five members from this mining firm. They allegedly offered Soni 40 kgs of gold at prices 4% lesser than the prevailing price at the London Metal Exchange.

“From September 14, 2016, they have been having meetings in various posh hotels to discuss gold rates and the delivery. Soni even visited Dar es Salaam in Tanzania where he was shown raw gold that would be exported to India to be supplied to him. He made payments in US dollars and Dirhams worth ₹5.26 crore. But he never got the promised gold,” he said. After Soni’s demands, they accused returned ₹3.47 lakh only. So he approached the police.

Five members of the firm and his two partners were booked on Friday under sections 406 (criminal breach of trust), 420 (cheating) and 34 (common intention) of the Indian Penal Code.