A shocking case of alleged large-scale deception has emerged from Mathura, Uttar Pradesh, where 10 businessmen reportedly absconded after taking custody of around 2,500 kg of silver — valued at approximately ₹75 crore — from nearly four dozen traders in the city’s prominent sarafa (bullion) market. The incident has sparked panic among local traders and triggered a major police investigation.
According to police and local market sources, the silver — in the form of bullion and jewellery products — was handed over to the accused by multiple smaller traders, who were expecting the consignment to be sold or processed on their behalf. Soon after receiving the precious metal, the 10 men allegedly went missing, turning off their mobile phones and leaving traders anxious over the loss.
Certified Cyber Crime Investigator Course Launched by Centre for Police Technology
How the Incident Was Discovered
The case came to light when dozens of silver traders realised that a large volume of silver had not been returned or accounted for. The traders had entrusted the silver to the accused for sale in other markets or processing work, a common practice in the bullion trade where dealers collaborate across cities. However, when multiple traders reached out for updates and found the men unreachable — with their phones switched off — they became suspicious.
Traders visiting the last known addresses of some accused businessmen found their homes locked and closed, deepening their concern. Word spread quickly through the Mathura sarafa bazaar, one of the region’s largest bullion hubs, prompting several traders to file complaints and alert police.
Police Investigation Underway
Following the complaints, law enforcement teams have launched a comprehensive investigation. Multiple police teams are working to track the accused and recover the missing silver. According to official sources, CCTV footage from various locations, mobile location data, and financial records are being examined to trace the movements of those who took custody of the silver.
Preliminary inquiries suggest that the missing businessmen may have travelled to neighbouring states or larger bullion markets to sell or launder the silver, though police are yet to confirm their exact whereabouts. Officers are also vetting records of transactions and communication between the accused and traders to determine if the act constituted deliberate fraud, breach of trust, or was linked to organised criminal activity.
While no arrests have been reported so far, authorities are treating the matter as a serious economic offence and have escalated probe efforts. Police have appealed to local and interstate law enforcement units to share intelligence that could help locate the suspects and the missing bullion.
Impact on Mathura’s Silver Market
The news has unsettled the bullion trade in Mathura, a key node in India’s precious metals circuit. Silver prices have been volatile, and market participants worried that such a large quantity going missing under suspicious circumstances could affect trader confidence. Many smaller dealers, who operate on trust and cooperative arrangements, are now reviewing their business practices and seeking greater legal safeguards before entering contracts.
Local traders have urged police to expedite the investigation and warned that they may pursue civil and criminal action against the accused if the silver is not recovered. In the meantime, bullion associations in the region are monitoring the situation closely and coordinating with law enforcement for updates.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
