Mumbai police have taken decisive action by registering a First Information Report (FIR) against a prominent jeweller, his wife, and his father following serious allegations of a multi-crore investment fraud. The case involves three suburban residents who collectively lost a staggering Rs 5.1 crore after being persuaded to invest in precious metals through the accused parties.
Details of the Alleged Investment Scam
The primary complainant, a 52-year-old established businessman, first became acquainted with the jeweller back in 2010 in the Kandivli (East) area of Mumbai, where the accused operates a well-known jewellery store. This long-standing acquaintance laid the groundwork for what would later become a devastating financial deception.
The Promise of Extraordinary Returns
In January 2023, the jeweller and his wife approached the businessman with an enticing investment proposition. They convinced him to invest substantial sums in gold, silver, and diamond trading through a specialized trading portal that they claimed to operate. The most compelling aspect of their pitch was the promise of an astonishing 40% return on investment, a figure far exceeding conventional market rates.
The accused assured the complainant that his wife and father would handle all trading activities, presenting themselves as experienced professionals in precious metals markets. This family-operated structure appeared legitimate and trustworthy to the potential investors.
Expanding the Circle of Victims
Convinced by the prospect of high returns, the initial complainant didn't keep this opportunity to himself. He successfully persuaded two of his close friends to join him in this investment venture, effectively expanding the pool of victims. Together, the trio committed significant resources to what they believed was a lucrative opportunity.
The total investment of Rs 5.1 crore was transferred through multiple channels including substantial cash payments, online bank transfers, and even physical ornaments. In a particularly distressing detail, the primary complainant revealed that he had entrusted not only his wife's personal jewellery but also precious ancestral heirlooms to the accused, demonstrating the depth of trust placed in the jeweller's family.
The Unraveling of the Scheme
Initially, the investors received positive feedback about their investments performing well and generating profits. This reinforcement kept them confident in their financial decisions for an extended period. However, the situation took a dramatic turn in October 2025 when communication from the accused became increasingly evasive and unresponsive.
When Promises Turned to Threats
As the investors grew concerned about their inability to access their funds or receive promised returns, they faced not just financial loss but personal intimidation. The complainant reported being threatened by relatives of the accused, adding a layer of personal safety concerns to the already substantial financial distress.
This combination of financial deception and personal threats ultimately compelled the victims to approach Mumbai police authorities, leading to the formal registration of the FIR. Law enforcement agencies are now conducting a thorough investigation into the matter, examining financial transactions, digital evidence, and witness statements to build a comprehensive case.
Broader Implications and Investigation
The case highlights significant concerns about investment fraud in the precious metals sector, particularly schemes that promise unrealistically high returns. Mumbai police are probing deeper into the trading portal mentioned by the accused, the actual handling of invested funds, and whether there might be additional victims beyond the three currently identified complainants.
Financial experts caution investors to exercise extreme diligence when presented with investment opportunities promising returns significantly above market averages, especially when dealing with precious commodities like gold, silver, and diamonds. The involvement of family members in such schemes, while appearing to add legitimacy, can sometimes complicate legal proceedings and recovery efforts for victims.
As the investigation progresses, authorities are examining bank records, digital transaction trails, and the business operations of the jewellery store in Kandivli. The case serves as a stark reminder of the importance of verifying investment opportunities through proper regulatory channels and maintaining healthy skepticism toward offers that seem too good to be true.
