Ahmedabad | A suspected case of financial fraud linked to the silver trade has surfaced in the city, where a bullion refinery and its directors have been accused of misappropriating silver worth ₹34 lakh. Based on a formal complaint, a case has been registered under charges of cheating and criminal breach of trust, and an investigation is currently underway.
The complainant, Mayukumar Rajendrakumar Barot (38), a resident of New Ranip and an authorised representative of a jewellery firm, alleged that a substantial quantity of silver sent for purification was not returned by the refinery.
According to Barot, his firm is engaged in the business of gold and silver trading, including the purchase and refining of old jewellery. As part of routine operations, the company had entrusted a total of 81,296 grams of old silver to Gujarat Bullion Refinery Limited for purification starting December 11, 2024.
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As per the agreement between the two parties, the refinery was expected to return 71,986 grams of purified silver after processing. However, it is alleged that only 38,836 grams were returned in two consignments—25,663 grams on January 27, 2025, and 13,173 grams on February 3, 2025. This left a balance of 33,132 grams of silver still unaccounted for.
The complainant stated that despite repeated follow-ups and communication, the refinery failed to return the remaining silver. The estimated market value of the outstanding quantity is pegged at approximately ₹34 lakh.
The FIR names three directors of the refinery—Nitin Jaswantlal Kansara, Jay Nitinbhai Kansara, and Dilipkumar Patel—accusing them of acting in collusion and with dishonest intent from the outset of the transaction.
Barot further alleged that the refinery company had undergone multiple name changes in the past, raising serious concerns about its credibility and operational practices. When confronted, one of the directors reportedly issued a written and notarised undertaking on March 11, 2025, accepting responsibility and assuring repayment of the outstanding amount.
However, the situation escalated when a cheque of ₹34 lakh issued by the company was presented multiple times but returned unpaid. A subsequent cheque issued later was also dishonoured, strengthening the complainant’s allegations of fraudulent intent.
In his complaint, Barot has urged authorities to initiate strict legal action against the accused and ensure recovery of the pending silver. He has also cited company staff as witnesses, and indicated that more evidence may emerge during the course of the investigation.
Authorities have registered the case under relevant sections and begun a detailed probe into the refinery’s financial transactions, banking records, and business dealings. Officials indicated that further action will be taken based on findings during the investigation.
The case once again highlights the importance of transparency and trust in high-value business transactions, especially in the precious metals sector where large quantities of gold and silver are routinely handled.
As of now, the investigation remains ongoing, and further revelations are expected in the coming days.
