Nagpur: A major financial fraud involving alleged sugar supply transactions has shaken the trading community in Maharashtra’s Nagpur, where a local businessman has claimed he was cheated of ₹2.62 crore. The case has raised concerns over trust-based commercial dealings turning into organised financial scams, with five traders now booked for cheating.
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Long-Standing Business Relationship Under Scrutiny
According to the complaint, the victim Vijay Bhagwandas Jhamtani, a resident of Kalpataru Colony in Kamptee, operates a confectionery and sugar trading business under the name “Vijay Bhavesh Sales.” He had been engaged in regular sugar procurement and distribution activities with the accused traders for a considerable period, which helped establish a strong commercial relationship between them.
Investigators note that this long-standing business trust allegedly became the foundation of the fraud. The accused traders initially supplied sugar on time after receiving payments, ensuring smooth transactions and building confidence in the trading relationship. Encouraged by this consistency, the complainant significantly increased the volume of orders and expanded the financial exposure.
₹2.62 Crore Paid, Sugar Consignments Not Delivered
However, the situation allegedly changed between October 21, 2025, and January 10, 2026. During this period, Jhamtani reportedly transferred a total of ₹2.62 crore in multiple installments to the accused traders for sugar supply. Despite receiving the payments, the promised consignments were not delivered.
As delays began, the accused allegedly provided repeated excuses, citing logistical and supply chain issues. Over time, neither the goods were supplied nor was the money refunded, according to the complaint. This led the trader to suspect deliberate cheating rather than a commercial dispute.
Police Register Case Against Five Traders
Following internal verification and failed attempts to recover the funds, the complainant approached the Old Kamptee police station and filed a formal complaint. Based on preliminary assessment, police have registered a cheating case against five traders reportedly based in Pune, Sangli, and Solapur.
Authorities are now examining whether the accused operated independently or as part of a coordinated financial network. Initial findings suggest that the pattern of transactions may indicate pre-planned trust-building followed by large-scale fund diversion.
Bank Trails and Communication Records Being Examined
Investigators are also scrutinizing bank transactions, account layering, and communication records to trace the movement of money after it was transferred. Officials are particularly focused on whether multiple bank accounts or intermediary entities were used to route the funds.
The case has triggered concern among local traders, many of whom rely on credit-based and trust-driven supply chains in commodity markets like sugar. Such incidents undermine confidence in trade relationships and highlight the need for stronger verification mechanisms in high-value transactions.
Police sources indicate that the investigation is still in its early stage, but the financial scope and structured nature of the alleged fraud suggest the possibility of a wider network operating across districts. Digital evidence, including call records and transaction data, is expected to play a key role in establishing the full chain of events. Officials have stated that further action will depend on forensic analysis of banking records and statements from all involved parties.
