The Investment Scheme
The incident unfolded when a jeweller, operating a store in Kandivli (E), befriended a 52-year-old businessman in 2010. In January 2023, the jeweller, along
with his wife and father, allegedly convinced the businessman to invest in gold, silver, and diamond trading. The scheme was presented as a lucrative opportunity with promised returns of 40%. The jeweller claimed his wife and father managed the trading aspect of the investments. Initially convinced, the businessman brought in two of his friends to invest alongside him, resulting in a collective investment of Rs 5.1 crore. This sum was provided through various methods, including cash, online transfers, and even valuable ornaments belonging to the victim's wife and family heirlooms. The investors were initially told that their investments were generating substantial profits.
Evasive Responses Emerge
As time passed, the jeweller began to provide vague responses regarding the investments. By October 2025, the accused started giving evasive answers to the investors' inquiries. The victims did not receive their promised returns and their attempts to recover their money were met with resistance. Threats were allegedly made against the businessman by relatives of the accused. Faced with these challenges, the victim decided to approach the police and file a formal complaint. The police initiated an investigation into the matter. The authorities are currently probing into the details of the financial transactions, the involvement of the accused, and the recovery of the defrauded funds.
Victims' Financial Loss
The total amount defrauded from the three residents amounted to approximately Rs 5 crore. This sum represents the collective investment made by the businessman and his two friends. The investments were channeled into gold, silver, and diamond trading through a trading portal operated by the jeweller and his family. The investors were initially led to believe that their money was being used to generate substantial profits, with promised returns of 40%. The victims also provided ornaments and family heirlooms in anticipation of the returns. The failure to receive the promised returns and the subsequent evasiveness of the accused led to significant financial losses for the victims.
Police Investigation Begins
Following the businessman's complaint, the police initiated an investigation. The police have registered an FIR against the jeweller, his wife, and his father. The authorities are currently gathering evidence and interviewing the involved parties. They are looking into the financial transactions, verifying the claims made by the victims, and assessing the jeweller's trading activities. The police will also investigate the threats allegedly made by relatives of the accused against the complainant. The investigation seeks to determine the extent of the fraud and bring the perpetrators to justice, and help recover the defrauded money.
