E-Paper
Two arrested for ₹14 crore fraud targeting jewellers in Pune
According to police, the accused collected gold, silver and cash from multiple jewellers in Ravivar Peth on the pretext of manufacturing new ornaments and returning them with added value within a few days.
Pune: The Economic Offences Wing (EOW) of Pune police on Friday arrested two persons posing as businessmen for allegedly cheating several jewellers in the city of around ₹14 crore by promising to manufacture new ornaments in exchange for gold and silver.
The arrested accused have been identified as Pankaj Gautamchand Jain, 48, a resident of Kondhwa-Bibwewadi Road, and Nemichand Vishanraj Korimutha, 59, a resident of Market Yard.
According to police, the accused collected gold, silver and cash from multiple jewellers in Ravivar Peth on the pretext of manufacturing new ornaments and returning them with added value within a few days. However, they allegedly failed to deliver the promised items and misappropriated the valuables.
Investigators said the duo collected nearly 60 kg of silver from victims, along with gold and cash from others, as part of the fraudulent scheme.
The case came to light after Sanjay Pushkaraj Rathod, 55, owner of Rathod Jewellers on Bund Garden Road, filed a complaint at the Koregaon Park police station on January 28 this year.
Police said the fraud took place on January 22, when Rathod handed over 60 kg of silver to the accused, who had promised to return newly manufactured ornaments within two to three days, but they failed to do so and became unreachable.
Investigations revealed that the accused had also taken ₹98 lakh from another trader and ₹40 lakh from a third victim on similar pretexts.
Based on the complaint, police had earlier arrested Aman Korimutha, 27, a resident of Mahatma Phule Peth, and another unidentified accused linked to the case, recovering 676 kg of silver from their possession.
As more complaints surfaced, it emerged that several jewellers had been duped, taking the total fraud amount to nearly ₹14 crore. The case was subsequently transferred to the Economic Offences Wing for a detailed probe.
Officials said the accused later surrendered to police after a search operation was launched. A court has remanded them in police custody for two days.
