Police bust ₹18 crore gold fraud, arrest shop manager, accomplices

The fraud was carried out at a well-known jewellery shop located on Laxmi Road for the last one year

The Pune police anti-extortion squad (unit 2) has uncovered a gold fraud case worth nearly ₹18 crore, arresting a jewellery shop manager and his accomplices for allegedly cheating the owner.

Based on the complaint, a case was registered and multiple teams were formed to track down the suspects. (REPRESENTATIVE PIC)

The main accused has been identified as Prashant Kantilal Barmecha, 61, of Shantinagar Society in Kondhwa, who was working as a manager at the jewellery shop. His associates have been identified as Ramakant Mahadev Parale, 62, and Maheshwari Ramakant Parale, 22, of Kedgaon in Ahilyanagar district. Search is underway for another woman accused, the mother of Maheshwari. The trio was taken into custody on Friday, police said.

The fraud was carried out at a well-known jewellery shop located on Laxmi Road for the last one year. According to the police, the crime came to light during an internal audit conducted by the jeweller in March 2026, which revealed a significant shortage of gold stock and cash. Police said the accused misused their access to the establishment and systematically diverted gold and valuables. Based on the complaint, a case was registered and multiple teams were formed to track down the suspects.

During the investigation, police recovered 3 kg 552 grams of gold worth ₹3.90 crore, along with a high-end luxury car, a mobile phone, and ₹80,000 in cash. The total value of recovered property is estimated at ₹5.24 crore.

The total fraud is estimated to be around ₹18 crore.

Senior inspector Ram Rajmane said, “The accused had been working at the shop for nearly 30 years.”

The court remanded the accused to police custody till April 25.