Kandivali jeweller, relatives booked for cheating bizmen of ₹5.1 cr

The accused have been booked under sections 318 (4) and 316 (2), 351 and 3 (5) of the Bharatiya Nyaya Sanhita

MUMBAI: The Kasturba Marg police have booked a jeweller and some of his relatives, including his wife and father, for allegedly cheating a 52-year-old businessman and his friends of ₹5.10 crore by luring them to invest in online trading of gold and diamonds.

Kandivali jeweller, relatives booked for cheating bizmen of ₹5.1 cr

According to the complainant, businessman Vishwamani Matamani Tiwari, he resided in Thakur Complex in Kandivali East prior to 2023, where he met Nitesh Shantilal Mehta, a jeweller.

In January 2023, Shantilal Mehta and his wife Mukta invited Tiwari to their jewellery shop and told him that they operated a commodity trading site that dealt with gold, silver, and diamonds. They also urged Tiwari to invest through their store, Monica Jewellery, and assured him of at least 40% returns. Tiwari discussed the matter with his colleagues and friends, Parag Malde and Kamal Parekh, and the trio invested ₹70 lakh in cash and ₹4.40 crore in gold and diamond jewellery.

In October 2025, when Tiwari called Mehta to inquire about the transaction, he found Mehta avoiding him. So, he went to Mehta’s jewellery shop, where his father claimed that a relative was unwell and that he, his son Nitesh, and daughter-in-law Mukta would go to Tiwari’s office to settle the account.

On November 20, 2025, Mehta informed Tiwari that he was waiting to receive gold and money from a certain Akash Sankhla, whose father had passed away. Tiwari tried to get in touch with Mehta repeatedly thereafter, but did not get any response. On December 11, 2025, Tiwari received an affidavit signed by Mehta, which said he’d return ₹70 lakh to Tiwari by that evening, but Tiwari did not receive any money, he said.

On December 15, 2025, Mehta and four of his relatives visited Tiwari’s office and threatened him. Tiwari realised later that they did not intend to return the money and jewellery he and his friends had invested; accordingly, on Wednesday, he approached the Kasturba Marg police and lodged a complaint, based on which Mehta, his wife, father and some other relatives were booked under sections 318 (4) and 316 (2), 351 and 3 (5) of the Bharatiya Nyaya Sanhita.

“We are verifying the transactions as of now,” a police officer from Kasturba Marg police station said.