Mumbai EOW Arrests Two Tamil Nadu Directors In ₹15.09 Crore Gold Jewellery Fraud Case

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has arrested two company directors in connection with an alleged ₹15.09-crore fraud involving gold jewellery. The accused allegedly purchased more than 10.5 kg of gold jewellery from a Mumbai-based company and failed to make the full payment despite repeatedly promising to clear the outstanding amount.

Two Tamil Nadu-Based Company Directors Arrested From Bengaluru

The accused have been identified as Bindu Selvakumar (45) and Anandamoorthy Natarajan (40), both company directors based in Tamil Nadu. They were arrested on August 11, 2026, from Mahadevapura Police Station limits in Bengaluru, Karnataka.

According to the EOW remand application, a complaint was lodged by Sanyam Prem Mehra, following which a case was registered against Bindu Selvakumar, Selvakumar Sudalaimani Kashirajan, Anandamoorthy Natarajan, Vijaykumar and Abhis Gemglow Jewellers Pvt Ltd under Sections 316(5), 318(4) and 3(5) of the Bharatiya Nyaya Sanhita (BNS).

Jewellery Firm Alleges Accused Gained Trust Before Defaulting On Payments

The complainant's company, Unique Chains and Jewellers Ltd, manufactures hallmarked gold jewellery. The accused allegedly purchased jewellery through Abhis Gemglow Jewellers Pvt Ltd. Initially, they made payments on time and gained the company's confidence.

Between December 15, 2025 and January 6, 2026, the accused allegedly purchased around 10.502 kg of gold jewellery, valued at approximately ₹14.05 crore, through multiple invoices. Investigators said that after receiving the jewellery, the accused failed to clear the outstanding dues. They allegedly acknowledged the delay through emails and provided payment schedules. On February 28, 2026, a cheque of approximately ₹15.34 crore was issued towards the outstanding amount. However, the cheque was allegedly returned unpaid after a “stop payment” instruction was issued.

The accused subsequently allegedly provided written assurances and a notarised affidavit on stamp paper, promising to repay the outstanding amount in instalments. According to the EOW, despite these assurances, the dues were not cleared. The police are now investigating what happened to the gold jewellery purchased by the accused and whether the proceeds were used to purchase movable or immovable properties. Investigators are also probing the role of other accused persons and suspected accomplices.

The EOW has sought seven days of police custody of the two arrested accused, citing the need for detailed investigation into the financial transactions, recovery of the alleged fraud amount, tracing of the gold jewellery and identification and arrest of other accused. The investigation is being conducted by Police Inspector Shivanand Kumbhar of EOW Unit 7 (Shares).

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