A ₹1 crore jewellery fraud has rocked the city after the main accused, identified as Krishna, allegedly fled to West Bengal by air with gold ornaments. The incident has triggered panic among bullion traders, while police have constituted three teams to crack the case. Two suspects are currently in custody and being questioned.
According to police, Tanmay Agarwal, a resident of Saket, runs a jewellery showroom—Raghunandan Sarraf—at Abu Plaza in Abulane. On Wednesday, Krishna contacted Tanmay and placed an order for gold jewellery worth ₹1 crore. Since the two had prior business dealings, Tanmay trusted the transaction. Krishna informed him that his associate would visit the showroom to select the jewellery and that payment would be made in cash.
Around 1:30 pm, a man arrived at the showroom, selected gold ornaments worth nearly ₹1 crore and had them packed. Meanwhile, Praveen Sharma, owner of Bhagwan Book Galaxy, was sent to the showroom with cash at Krishna’s behest. Praveen had been told that the amount would be transferred into a bank account for a commission.
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At about 3:30 pm, Praveen reached the showroom carrying two bags containing ₹1 crore. Tanmay assumed the cash was the payment for the jewellery, while Praveen believed the money would be deposited into a bank account. Exploiting this confusion, the person sent by Krishna collected the jewellery and left the premises. The fraud came to light only when both parties later spoke and realised the mismatch, leading to a commotion at the showroom.
Investigations revealed that immediately after taking the jewellery, Krishna’s associate left Meerut, while Krishna boarded a pre-booked flight and fled to West Bengal. His mobile phone has been switched off. Police said he is believed to be a resident of Siliguri and part of a network that operates by transferring cash into bank accounts on a commission basis.
SP City Ayush Vikram Singh said Krishna, along with associates Pankaj and Rajveer, used to arrange bank transfers of large cash amounts for a percentage cut. Praveen Sharma was allegedly lured into the scheme on the promise of commission. Pankaj and Rajveer are being interrogated, and the role of other individuals is under scrutiny.
Both parties have filed separate complaints at Sadar police station. The jewellery trader maintains that he handed over the ornaments after receiving cash and denies any fraud on his part, while Praveen Sharma claims he was cheated as the promised bank transfer never took place and the jewellery was taken away. Police are reconstructing the sequence of events using CCTV footage, call records and statements.
A delegation from the Meerut Bullion Traders Association has met the SSP seeking swift action. Police are examining bank trails, phone data and travel records to trace the absconding accused.
Officials said the case highlights the risks of large cash transactions and third-party payment arrangements in the jewellery trade. Traders have been advised to rely only on verified banking channels and avoid accepting payments through unknown intermediaries.
The investigation is ongoing, and police say the accused will be arrested soon and the broader network behind such commission-based cash transfer operations will be exposed.
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.
