Archive · 7 Aug 2025
Mumbai: Gold, Cash Fraud Cases Totaling ₹46.76 Crore Surface
There have been two significant fraud cases in Mumbai.
In one, a businessman was cheated out of a large amount of gold and cash, totaling over ₹43 crore, through a deceptive investment scheme.
In the other case, a jewelry firm staffer was arrested for stealing ₹3 crore worth of gold.
The police are investigating both incidents, which involve theft and dishonesty.
A businessman in Mumbai was defrauded of ₹43.76 crore in a gold and cash investment scam.
A jewellery firm staffer in Mumbai was arrested for a ₹3 crore gold fraud.
The businessman invested 36.376 kg of gold and ₹10.51 crore between May 2023 and March 2024.
The jewelry staffer, tasked with distributing jewelry, allegedly misused ornaments and failed to return them.
Police are investigating both cases, with arrests made in the jewelry theft and three suspects wanted in the investment scam.
- Who
- A businessman, a jewellery firm staffer, and three suspects of investment fraud.
- What
- Multiple financial fraud cases involving gold and cash, including investment scams and jewelry theft.
- When
- The investment scam occurred between May 2023 and March 2024. The jewelry theft was reported in August 2024.
- Where
- Mumbai, India.
- Why
- The suspects aimed for personal gain through deceptive investment schemes and theft.
Victims
Accused
Financial Loss
Victims
They lost significant amounts of money and assets due to the fraudulent activities of the accused.
Accused
The accused gained illegal profit, and took advantages of investment opportunities.
- Investment Scam Amount
- ₹43.76 crore
- Jewelry Theft Amount
- ₹3 crore, 30 kg gold
- Investment Period
- May 2023 - March 2024
- Investment Scheme
- Maxis Bullion & Pallav Gold
- Accused in Investment Scam
- 3
- Arrests Made
- 1
Sources
Indore: ₹1.24 Crore Share Trading Scam; One Detained, Hunt On For Brother
Mumbai Fraud: 39-Year-Old Kandivali Businessman Duped Of ₹43.76 Crore In Gold And Cash In High-Stakes Investment Scam; Police Book 3 Accused
