AHMEDABAD: For nearly two years, a jewellery house in Gujarat projected stability and tradition while quietly running what police now describe as a carefully staged silver-based Ponzi scheme, one that has left dozens of investors searching for answers — and for money that may never return.
A Trusted Name, and an Unusual Promise
In Dholka, a semi-urban town outside Ahmedabad, the jewellery business at the centre of the case was not an unfamiliar name. Police say the accused, led by Ghanshyam Soni and his two sons, drew on nearly a century of family history in the trade to build credibility.
According to investigators, investors were offered a scheme linked to physical silver at a time when prices hovered around ₹80,000 per kilogram. Participants were promised fixed monthly returns ranging from ₹3,000 to ₹5,000 per kilogram, regardless of market fluctuations — an assurance that stood apart from conventional commodity investing.
Early payouts were reportedly prompt and steady. Investigators say this reliability encouraged reinvestment and attracted new participants, many of whom increased their exposure over time
How the Scheme Expanded
Police estimates suggest the operation ran for close to two years. Initially, 16 investors approached authorities alleging they had been cheated of ₹6.4 crore, money they believed was being used to purchase silver and manufacture jewellery. As inquiries widened, the scale of the alleged fraud grew sharply.
Investigators now say at least 56 investors have come forward, with losses approaching ₹30 crore — a figure that could rise further as more victims are identified. A senior police officer said teams formed to examine financial trails uncovered around 40 additional investors beyond the initial complaints.
During this period, the accused reportedly opened a lavish showroom in Dholka’s Kalikund area, spending around ₹3 crore, and purchased a high-end luxury car. Police say these visible markers of prosperity reinforced investor confidence even as, behind the scenes, silver deliveries gradually stopped.
Signs of Collapse Before Diwali
As investment volumes increased, investigators allege that returns to earlier investors were paid using fresh deposits — a hallmark, police say, of a Ponzi-style operation. When investors sought either physical silver or repayment around the Diwali period last year, they were reportedly told that festive-season pressures had delayed settlements, with assurances that full payments would follow.
Those assurances never materialised. After Diwali, investors found the jewellery shops shut, the family home locked, and all contact numbers switched off. Police say the accused vanished in the last week of December without leaving any trace.
“The sequence of events suggests the fraud was pre-planned,” an investigating officer said, pointing to the timing of the closures and the sudden disappearance.
A Rare Silver-Based Ponzi Case
Local police describe the case as unusual in Gujarat, both for its reliance on physical silver as an investment lure and for the scale involved. Omprakash Jat, the superintendent of police for Ahmedabad Rural, said the accused first established trust through their longstanding jewellery business before launching an investment scheme that promised unusually high and stable returns.
“This is a rare case where physical silver metal was used as bait,” Mr. Jat said, adding that early profits were designed to entice investors into committing larger sums.
Dholka town police have registered an FIR alleging cheating, criminal breach of trust by a sales agent, and other relevant offences. Investigators say they are now contacting potential victims to determine the full extent of the losses
