Parel jeweller duped of ₹2.41 cr by gold trader

A jeweller in Mumbai has filed a cheating case against a gold trader who allegedly took 60 gold bars worth INR 2.41 crore ($338,000) in 2017 and never paid for them. The case has been registered under sections 420 (cheating) and 406 (punishment for criminal breach of trust) of the Indian Penal Code.

MUMBAI: The Tilak Nagar police have registered a cheating case after a jeweller from Parel claimed that he was duped by ₹2.41 crore by a Ghatkopar-based gold trader who took 60 gold bars from him in 2017 and did not pay for it nor returned the gold.

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According to the police, complainant Kamlesh Jain, 54, lives in Parel along with his family and runs a jewellery shop ‘Nakoda Jewellers’ situated in Jain Bhavan at BA Road in Parel. Jain told the police that he had known the accused Mehul Nagada since 2011, as he was also into gold trading and runs a shop ‘Viraj Jewellers’ in Ghatkopar.

Nagada used to purchase raw gold from the complainant and usually paid the price in 48 hours, and many times he used to return the gold if the bullion remained unsold for two/three days, said Jain in his complaint.

Jain further said that Nagada had taken 60 gold bars worth ₹2.41 crore from his shop six years ago. When he did not pay the amount in two days, Jain started asking about the money and he had sought time for paying the price of the gold bars,” the officer added.

Nagada and Jain had eventually entered into an agreement under which Nagada had allegedly given rights of his Ghatkopar shop Ghatkopar to Jain by executing a power of attorney in his favour, said the police officer.

Despite this arrangement, he claimed, every time the complainant demanded his money, the accused and his mother would visit his shop and request more time, claiming that they were in financial trouble.

After six years when Nagada failed to return the gold or pay for it, Jain approached the Tilak Nagar police station and based on his complaint a case was registered against the Ghatkopar jeweller. The case has been registered under sections 420 (cheating) and 406 (punishment for criminal breach of trust) of the Indian Penal Code. We are verifying the documents and investigating the matter, Vikram Bansode, police inspector, Tilak Nagar police station, said.