A jeweller in Borivali, Mumbai, has reported being defrauded of gold worth ₹1.6 crore in a scam involving fake gold bars.
The LT Marg police have filed a case of fraud and embezzlement against two accused, identified as Suresh Vaishnav and Ramlal Gurjar, who are currently absconding. An investigation is underway to determine if other jewellers may have been similarly targeted.
Details of the Fraud
Ajay Dharamji Vaya, proprietor of Krisha Art, a jewellery-making business, was the victim of the scam. Vaya had been sourcing gold from Suresh Vaishnav, a supplier, and was introduced to Ramlal Gurjar in October 2023. Gurjar established initial trust with Vaya following a successful trade.
On 21 October 2023, Vaya sent gold mangalsutras weighing 1.8 kg to Gurjar, receiving authentic gold bars in exchange. However, during a subsequent transaction on 25 December, Vaya transferred jewellery worth ₹1.6 crore (approximately 2,045 grams) to Gurjar through Vaishnav. In return, Vaishnav provided two gold bars at a hotel exchange point, which later proved to be counterfeit.
Legal and Investigative Actions
After realising the fraud and failing to contact the accused, Vaya lodged a complaint with the police. Authorities are working to locate Vaishnav and Gurjar and are investigating whether they have defrauded other jewellers.
Implications for the Jewellery Industry
This case underscores the risks associated with sourcing gold, particularly when engaging with new or unverified suppliers. Incidents like these can erode trust within the jewellery trade, highlighting the need for robust verification processes in high-value transactions.
