Mumbai. A major financial irregularity has emerged from Mumbai’s Jhaveri Bazaar bullion market, where a silver trading business owner has allegedly been cheated of more than ₹11 crore. Police have registered a case against two brothers, Avish Yogesh Jain and Alish Yogesh Jain, for embezzlement, manipulation of digital accounting records, and misuse of partnership authority. The case has raised serious concerns over internal control systems in high-value bullion trading businesses operating in one of India’s busiest precious metals hubs.
Trust Turns Into ₹11 Crore Trouble
According to the complaint, the firm is engaged in wholesale silver bullion and jewellery trading. Avish Jain initially worked as an employee handling accounts and sales. Over time, he gained the proprietor’s trust and later entered into a partnership after investing around ₹70 lakh, acquiring a 30 per cent stake. His brother Alish Jain also became increasingly involved in the business operations. The complaint alleges that both brothers gradually expanded their control over financial and stock-related decisions within the firm, which later facilitated the alleged irregularities.
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Digital Records Under Scanner
Investigators allege that the accused systematically tampered with the company’s accounting software by deleting transaction records and altering entries. This allegedly created a false impression of financial losses and mounting liabilities, diverting attention from the actual movement of stock and funds. Over time, discrepancies in inventory and financial statements raised suspicion, prompting the owner to initiate a detailed audit of bank records, stock registers, and internal accounting systems. The audit reportedly revealed missing stock entries and irregular financial patterns spanning several years of operations.
Missing Silver Sparks Alarm
The audit allegedly uncovered misappropriation of 47 kilograms of silver bullion valued at about ₹1.17 crore, 146 kilograms of silver jewellery worth nearly ₹4.75 crore, and cash transactions amounting to around ₹4.30 crore. Combined, the suspected fraud exceeds ₹11 crore. Officials believe the assets were siphoned off gradually in a structured manner to avoid detection, while falsified records were maintained in the accounting system to conceal the diversion.
Bullion Market Controls in Focus
Following the complaint, a case has been registered under relevant sections of criminal breach of trust, cheating, and misappropriation. Authorities are now examining the complete financial trail, including bank transactions, delivery records, and digital accounting logs. Investigators are also assessing whether additional individuals or external entities played any role in facilitating the movement or sale of the diverted silver and cash. The possibility of a broader network or coordinated scheme is also being explored.
Experts say such cases often stem from weak internal audit controls and excessive operational authority given to individuals in closely held businesses. In bullion trading, where high-value transactions are frequent, even small gaps in oversight can lead to significant losses. Analysts stress the need for independent audits, real-time inventory monitoring, and strict segregation of financial responsibilities to reduce fraud risks.
The investigation is ongoing, and further details are expected as digital records and transaction histories are thoroughly examined. Authorities believe the probe will help determine the full extent of the alleged fraud and identify any additional beneficiaries involved.
