Mumbai Crime: 3 Brothers Booked For Buying ₹50 Lakh Gold Using Fake Bank Account In Sibling’s Name

Mumbai, March 31: The Dadar police have registered a case against three brothers, Dinesh Champalal Jain, Gautam Champalal Jain, and Vimal Champalal Jain, for allegedly opening a bank account in their elder brother’s name and using it to purchase one kilogram of gold, according to an FIR.

Allegations of forged documents and transactions

The complainant, Tarachand Champalal Jain, 63, originally from Barmer district in Rajasthan and currently residing in Coimbatore, Tamil Nadu, stated that the accused used documents and forged signatures to carry out the fraudulent transactions.

Background of family business

According to the FIR, Tarachand Jain had moved to Mumbai in 1982 and began working at his family-owned jewellery firm, Sha Multanmal Sumeramal & Company, in Prabhadevi.

He gained experience in jewellery making and money-lending before starting his own lending venture, Motilal Meghraj & Company, around 1985 in partnership with his brothers. He had obtained the necessary licences for the business. The business was later converted into a proprietorship under his name.

Two years later, he handed over the alleged business to his elder brother, Meghraj, to manage. Meghraj was also working at the family-run jewellery shop in Prabhadevi, which now operates as Vimal Jewellers and is currently run by Vimal Jain and Dinesh Jain. Meanwhile, Tarachand’s younger brother, Gautam Jain, started a gold jewellery shop named Sankheshwar Jewellers in Zaveri Bazaar.

Power of attorney and its revocation

In 1994, Tarachand shifted to Coimbatore for business expansion, citing lower operational costs. After the death of his elder brother Meghraj in 2004, Tarachand issued a power of attorney to Dinesh Jain in 2005 to manage the business.

The FIR states that it did not include any provision allowing the use of Tarachand’s PAN details or the opening of a bank account in his name to purchase any valuable items. However, he revoked this authority in December 2025.

Fraud discovered through tax records

The alleged fraud came to light in July 2021 while filing his income tax returns. Tarachand noticed a Rs 3,774 TCS (Tax Collected at Source) entry in his Form 26AS linked to jewellery firm Ritul Jewellers Pvt Ltd. Upon inquiry, he learned that a one-kilogram gold bar worth Rs 50.32 lakh had been purchased in January 2021.

The order was placed by Gautam Jain, with payments made in two instalments from a bank account at Bombay Mercantile Co-operative Bank’s Ibrahim Rahimtulla Road branch in Mumbai.

Forged account details and transactions

Upon examining the bank account opening form, he found that documents such as his PAN, Aadhaar, and electricity bill had been attached, along with forged signatures in his name. He also discovered that his brother Dinesh Jain’s mobile number was listed as the contact number and named him as nominee.

Financial records showed that a total of Rs 57.50 lakh was deposited into the account via RTGS by his brother Vimal Jain. Another brother, Gautam Jain, allegedly used the account to purchase a one-kilogram gold bar worth Rs 50.32 lakh from Ritul Jewellers in Tarachand’s name and also transferred Rs 7 lakh to Nakoda Jewels. All three transactions are reported to have been made using forged signatures on bank cheques.

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Police register case, probe underway

Tarachand Jain subsequently filed a complaint accusing his brothers of forgery, cheating, and financial fraud. Acting on the complaint, the police have registered a case on March 30 under relevant sections of the Indian Penal Code and have initiated further investigation.

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