Mumbai Jewellery Trader Alleges ₹10.23 Crore Fraud By Accountant; EOW Probes Case After FIR At LT Marg

Mumbai: A 42-year-old silver jewellery trader from CP Tank has alleged a massive financial fraud of over ₹10.23 crore by his accountant, following which an FIR has been registered at the LT Marg Police Station and is now being investigated by the Economic Offences Wing (EOW).

Accountant Avish Jain appointed in 2017

According to the FIR, A 42-year-old silver jewellery trader, Abhishek Bhavarlal Shah, a resident of CP Tank, has alleged a fraud of ₹10.23 crore by his accountant, following which an FIR has been registered at LT Marg Police Station and is now being probed by the Economic Offences Wing (EOW). Shah, who has been running his firm Nine Seal Jewellery from Zaveri Bazaar since 2007, stated that he had appointed Avish Jain as an accountant in 2017 to handle accounts and sales. From 2020 onwards, Jain was entrusted with managing the firm’s entire accounting system, including stock entries, payments, and sales records through the company’s software. In 2023, Jain allegedly invested ₹70 lakh and entered into an oral partnership with a 30% stake. However, in November 2023, the firm’s main accounting software was completely deleted and could not be recovered, after which the business began incurring losses. By May 2025, Shah found that he had suffered a loss of ₹1 crore and had liabilities of ₹6 crore in the market. Upon further scrutiny, he noticed that certain entries, including those related to Mahalaxmi Jewellers, Haryana, had been deleted. Verification of bank records revealed that payments were allegedly diverted to accounts under “Mankotex,” a firm linked to Jain’s brother, Alish Jain, through Google Pay transactions, raising suspicion.

Payments allegedly diverted to Mankotex linked to Jain's brother Alish

Shah then conducted a detailed review of the company’s accounts, stock, and transactions, which allegedly revealed a total loss of ₹15 crore, including his ₹3 crore investment. Physical stock verification showed a shortage of 146 kg of finished silver jewellery and 47 kg of fine silver. He also found discrepancies of ₹1.85 crore in transactions with Shrivasave Jewellers, Coimbatore, and ₹45.67 lakh with Mahalaxmi Jewellers, Haryana. Additionally, around ₹2 crore worth of funds and jewellery were allegedly siphoned off from 18 other client firms. Shah further alleged that funds were transferred to multiple accounts, including those of Jain’s relatives and associates, via digital payment platforms. Based on his complaint, a case has been registered against Avish Yogesh Jain and his brother Alish Yogesh Jain, residents of Lalbaug, under sections 3(5), 316(4), and 318(4) of the Bharatiya Nyaya Sanhita, and further investigation is being carried out by the EOW.

Suspicion led Shah to conduct a detailed audit of company accounts, stock, and transactions. The findings revealed that the company had suffered a total loss of ₹12 crore, with an additional ₹3 crore being Shah’s invested capital—bringing the total financial impact to ₹15 crore.Further verification showed a discrepancy of ₹1.85 crore in transactions with Shrivasave Jewellers, Coimbatore, a discrepancy of ₹45.67 lakh in dealings with Mahalaxmi Jewellers, Haryana, misappropriation of 146 kg of finished silver jewellery, valued at ₹4.75 crore, misappropriation of 47 kg of fine silver, valued at ₹1.17 crore, additional diversion of approximately ₹2 crore involving 18 other client firms. The total alleged fraud amounts to ₹10,23,31,990. The case has now been transferred to the Economic Offences Wing (EOW) for further investigation.

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