Mumbai Sessions Court Grants Anticipatory Bail To Thane Resident In ₹10 Crore Gold Investment Fraud Linked To Dabba Trading

Mumbai: The sessions court has granted anticipatory bail to a 34-year-old Thane resident in connection with a case registered with LT Marg police station linked to dabba trading.

Complaint by Bullion Firm Partner

The complaint was lodged by Pranam Mehta, partner in PFIVE Bullions Pvt Ltd, which deals with the buying and selling of gold bars and coins, who alleged that in February 2023 their chartered accountant introduced him to businessmen Ladulal Kanther, his son Pallav, and Shubham Kanther, who operated firms Maxis Bullions and Pallav Gold dealing in gold and silver.

Mehta claimed that between May 2023 and March 2024, he invested 36kg and 376.94 grams of gold, along with Rs 10.51 crore in cash, with the Kanthers’ firms. When the investments were not repaid, he filed the case.

Arrests and Custodial Disclosures

During the investigation, the Kanthers were arrested. Ladulal, while in custody, disclosed that he had used 12kg of gold and Rs 5 crore, allegedly proceeds of the crime, to cover his MCX trading losses. He further claimed to have paid Rs 52 lakh to Sancheti. Based on this statement, the police issued Sancheti a notice to join the probe. Fearing arrest, he approached the court.

Defence by Sancheti

Sancheti maintained that Ladulal had approached him in May 2022 for investment and that all their transactions were recorded through banking channels, not cash. He alleged his name was being misused to extort funds. In contrast, the complainant claimed Sancheti was instrumental in diverting Rs 52 lakh to Rajasthan to settle Ladulal’s issue with the Customs Department.

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Court’s Observation on Lack of Evidence

After hearing arguments, the court observed that the only role attributed to Sancheti was receiving Rs52 lakh from Ladulal. Beyond this, there was no evidence connecting him to the alleged fraud. It held that ‘merely on the basis of a co-accused’s statement, without specific allegations, anticipatory bail cannot be denied.’