Mumbai: An FIR has been lodged against four people for allegedly cheating a Borivali businessman of Rs 5.10 crore in afake MCX gold trading scheme. The complainant, Vishmani Tiwari, 52, runs a solar company.
In 2010, while living in Thakur Village, Kandivali East, he met Nitesh Mehta, 47, who owned a jewellery shop nearby. Tiwari regularly bought ornaments from Mehta. In January 2023, Mehta and his wife Mukta invited Tiwari to their Monika Jewellers shop.
They claimed they traded gold, silver and diamonds on MCX and pr o mised 40% returns on investments routed through their shop. The scheme was allegedly managed by Nitesh’s father, Shantilal Mehta. Tiwari was convinced and also persuaded two friends to invest.
Tiwari gave Mehta 4.6 kg of gold ornaments worth Rs 4.40 crore and Rs 70 lakh cash. In October 2025, when Tiwari asked for details, Mehta began avoiding him. Visits to the shop were met with excuses about a sick relative. Tiwari later learned his friends had also been duped.
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