Mumbai: Dealer Swindles ₹75 Lakh From Goldsmith In False Promise Of Pure Gold Exchange

Mumbai: Dealer Swindles ₹75 Lakh From Goldsmith In False Promise Of Pure Gold Exchange

Accused allegedly used the pandemic as an excuse for not fulfilling the promised gold exchange, citing losses.

Vishal SinghUpdated: Sunday, January 14, 2024, 09:53 PM IST
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Mumbai: Dealer Swindles ₹75 Lakh From Goldsmith In False Promise Of Pure Gold Exchange | Freepik

A gold dealer has defrauded a goldsmith of Rs75 lakh by promising to give pure gold in exchange for jewellery. In this case, the goldsmith has lodged a complaint against the gold dealer at Lokmanya Tilak (LT) Marg police station.

Details of fraud

According to information received from the L T Marg police, Firoz Ali Shaikh, 43, who has a business of making gold ornaments in Javeri Bazaar, was introduced to a gold businessman Nilesh Jain in 2010.

The police officer said that initially, Jain used to take jewellery made from Shaikh and give him pure gold in return. On April 19, 2018, Jain took gold jewellery worth about Rs75 lakh from the Shaikh and did not give him any gold in return.

Jain had told the Shaikh that he would give him pure gold but he did not. After some time, the lockdown was imposed and after that, Jain kept postponing giving the gold to Shaikh citing the loss due to the lockdown.

FIR registered; investigation underway

A police officer said that a few days ago Jain closed his shop and went somewhere and his mobile was also switched off. When Jain’s contact was completely lost, Shaikh complained to the police.

An officer of LT Marg police said that after the complaint received from Shaikh, an FIR has been registered in this matter and an investigation is being done.

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