AHMEDABAD | A high-value gold jewellery transaction in Gujarat has escalated into a criminal investigation after an Ahmedabad-based wholesale gold company accused a Dholka jeweller and his son of allegedly obtaining gold ornaments worth ₹1.84 crore on credit and then failing to make payment or return the goods. Following the complaint, the Economic Crime Wing has registered a case under provisions related to cheating and criminal breach of trust and launched a detailed probe into the matter.
According to the complaint, the dispute involves a series of business transactions between Ahmedabad-headquartered Satva Gold Limited and Hari Jewellers, a jewellery establishment based in Dholka. The complainant has alleged that the accused procured large quantities of gold ornaments under a credit arrangement but subsequently defaulted on their financial obligations.
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Investigators said the business relationship between the two parties initially developed through smaller sample orders and routine commercial dealings. Over time, trust was established between the firms, paving the way for larger transactions involving significant quantities of gold jewellery.
Dhruv Shah, Managing Director of Satva Gold Limited, told investigators that the proprietors of Hari Jewellers approached the company seeking bulk purchases of gold ornaments. Based on previous transactions and the commercial understanding between the parties, the wholesaler agreed to supply jewellery on credit, with payment scheduled within an agreed period after delivery.
Records submitted with the complaint indicate that one of the major consignments was supplied on October 7, 2025. The shipment reportedly included both 18-carat and 22-carat gold ornaments. The total value of the consignment, including applicable taxes, was stated to be approximately ₹1.84 crore.
As part of the arrangement, payment was allegedly required within 15 to 30 days. The complainant further claimed that a cheque was provided as security for the transaction. However, despite the passage of the agreed payment period, the company alleges that neither the outstanding amount was paid nor the jewellery returned.
According to the complaint, repeated reminders, follow-up communications, and requests for settlement failed to produce any positive response from the accused parties. The wholesaler maintains that several attempts were made to recover the dues through normal business channels before approaching law enforcement authorities.
The matter took a more serious turn when representatives of the company reportedly travelled to Dholka to meet the jeweller and recover the outstanding amount. Upon reaching the business premises, they allegedly found the jewellery shop closed. Efforts to establish contact through mobile phones were also unsuccessful, as the phones were reportedly switched off.
The complainant further alleged that inquiries within the jewellery trade suggested that other traders may also have experienced payment-related disputes involving the same business entity. Preliminary information gathered during the investigation has reportedly indicated the existence of another case involving similar allegations. Authorities, however, are independently verifying these claims as part of the ongoing inquiry.
Investigators are now examining whether the case represents a conventional commercial dispute arising from a failed business transaction or whether there was an alleged intention to deceive from the outset. Financial records, banking transactions, security cheque details, invoices, delivery records, and other commercial documents are being scrutinised to determine the sequence of events and establish accountability.
Industry observers note that credit-based transactions are common in the gold and jewellery sector, where long-standing business relationships often form the basis of commercial trust. However, experts caution that transactions involving precious metals and large monetary values require stringent verification mechanisms and adequate safeguards. When payment obligations are allegedly ignored and communication is severed, such disputes can move beyond civil liability and attract criminal scrutiny.
Authorities are currently working to trace the accused individuals, verify the financial trail, and determine whether additional traders may have been affected. The outcome of the investigation is expected to establish whether the matter stems from a business failure or an alleged deliberate fraud involving gold ornaments worth ₹1.84 crore.
