PNG Jewellers duped of ₹1.6 crore

PUNE PN Gadgil Jewellers has been duped of ₹1

PUNE PN Gadgil Jewellers has been duped of ₹1.6 crore by a person who promised them help with procuring a loan for expansion. The incident happened between October 2018 and February 2019, according to the complaint.

HT Image

A complaint in the matter was lodged by Saurabh Gadgil (43), chairman and managing director, PNG Jewellers, a resident of Sadashiv peth.

The accused has been identified as Rohit Sharma, a resident of Chandigarh, one of the areas in North India where the store is trying to expand.

While a case has been registered at Vishrambaug police station, Pune police crime branch Unit 1 officials will be investigating the case, according to Bachchan Singh, deputy commissioner of police, crime, Pune police.

The jeweller had loaned ₹56,50,000 to a man in order for him to start a business of his own. Additionally, he also promised to help the jeweller in procuring a loan of ₹50 crore in order to launch a store in Chandigarh, Punjab, according to the complainant.

“Rohit Sharma, a resident of Chandigarh, approached us in 2018 to help generate interest in our brand through the franchisee route with relevant local investors. The project required him to help raise investments of up to 50 crore for the purpose of setting up four-five franchisee stores. The deal with Sharma required us to pay an upfront brokerage of two per cent. A total of 1.6 crore was paid to Sharma in 2019, subject to a full refund in case the deliverables were not met by Sharma within a stipulated time frame. Security cheques to the tune of the sum paid were also taken by our management from him. When the deliverables were not met and the promises of Sharma fell apart, we decided to deposit the security cheques, which bounced,” read a statement from Amit Jitendra Vaidya, head of franchising, PNG Jewellers.

A case under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code has been registered at Vishrambaug police station.