Mumbai News: Lalbaug Gold Trader Alleges ₹2.70 Crore Fraud As Employee Flees With 1.66 Kg Gold, FIR Registered

Mumbai, Feb 17: A 50-year-old gold trader from Lalbaug has alleged that his employee misappropriated 1,668 grams of gold worth approximately ₹2.70 crore and fled, following which a case has been registered at the LT Marg Police Station.

The complainant, Dhiraj Kumar Ratanchand Jain (50), a resident of Vijaya Residency, Chivda Galli, Lalbaug, has been in the gold business for the past several years along with his brother Jitendra Jain. The duo operates a jewellery shop under the name “Bhumi Gold” at Hindustan Chamber, Vitthal Sadan, Kalbadevi Road, Mumbai.

Gold handed over for Bengaluru sale

According to the complaint, the firm gets gold jewellery manufactured through Bengali artisans and sells the ornaments to traders in Chhattisgarh and Bengaluru through its salesmen. In return, the traders either provide pure gold or transfer payment via RTGS to the firm’s bank account.

On January 7, 2026, Jain handed over 1,180 grams of finished gold jewellery to his employee, Sanjay Jain (42), a resident of Palghar, for sale in Bengaluru.

A travelling voucher for 1,180 grams was prepared in the name of Bhumi Gold, and Sanjay Jain’s signature was obtained on it. As per the arrangement, he was expected to return within seven days after completing the sale.

However, Sanjay Jain allegedly did not contact the complainant during this period. When Jain tried calling him on January 15 on his mobile numbers, both phones were found switched off.

Alleged sale and disappearance

Growing suspicious, Jain travelled to Bengaluru and contacted known gold traders there. He was informed that Sanjay Jain had visited their shops three to four days earlier, sold the gold jewellery, and collected not only the sale proceeds but also 700 grams of pure gold that was previously outstanding.

In total, the accused allegedly fled with 1,668 grams of gold, including 1,180 grams given for sale and 700 grams of outstanding pure gold, valued at approximately ₹2.70 crore.

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The complainant has alleged that the accused misappropriated the gold entrusted to him in good faith and has since remained untraceable. Based on the complaint, an FIR has been registered at the LT Marg Police Station, and further investigation is underway.

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