Mumbai Crime: Jewellery Managers Accused Of ₹3.39 Crore Embezzlement In Andheri; Probe Underway

Mumbai: The MIDC Police have registered an FIR against four managers of Banganga Golden Diamond Limited for allegedly embezzling Rs3.39 crore from the jewellery company. The case was registered on February 27. According to the FIR, complainant Vikas Ganna, 41, a resident of Wadala East, operates Banganga Golden Diamond Limited in the MIDC Industrial Estate in Andheri East.

The company manufactures and sells gold ornaments. It employs five managers and 175 workers and undertakes orders from other companies for manufacturing ornaments. The FIR states that between January 2018 and December 2025, managers Jigar Jagada, Chetan Soni, Nikesh Waya and Harendra Khushawah allegedly conspired to steal small quantities of gold daily during the melting process.

The company later found that 2,235 grams of gold, worth about Rs3 crore, had been stolen. The complainant also suspected a further shortage of three to four kilograms of gold. During a stock inspection in 2023, the firm detected a shortage of 712 grams of gold. In December 2024, it found a deficit of 170 grams. Suspecting employee involvement, the company installed CCTVs in June 2025.

On reviewing the footage, the management observed suspicious activities of the managers. Four suspects allegedly purchased raw materials and designs at inflated rates from two companies and received commissions. They also submitted a fake bill worth Rs39.21 lakh in the name of Nirma Enterprises, though the firm had not purchased materials from it. Ganna filed a complaint at MIDC police station, following which police registered under defferent sections of the BNS.

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