The Economic Offences Wing of Pune police has arrested two men accused of cheating several jewellers in the city of nearly ₹14 crore by posing as businessmen and promising to manufacture new ornaments in exchange for gold and silver.
The arrested men were identified as Pankaj Gautamchand Jain, 48, a resident of Kondhwa-Bibwewadi Road, and Nemichand Vishanraj Korimutha, 59, a resident of Market Yard. Police said the two collected gold, silver and cash from multiple jewellers in Ravivar Peth on the assurance that they would return newly made ornaments with added value within a few days, but allegedly failed to deliver the items and misappropriated the valuables.
Scheme Revolved Around Promise of New Ornaments
Investigators said the accused collected nearly 60 kg of silver from victims, along with gold and cash, as part of the alleged fraud. The case surfaced after Sanjay Pushkaraj Rathod, 55, owner of Rathod Jewellers on Bund Garden Road, lodged a complaint at Koregaon Park police station on January 28 this year.
Police said the fraud involving Rathod took place on January 22, when he handed over 60 kg of silver to the accused after they promised to return newly manufactured ornaments within two to three days. Instead, they allegedly failed to do so and later became unreachable.
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More Victims and Fresh Recoveries Emerged During Probe
The investigation later found that the accused had also taken ₹98 lakh from another trader and ₹40 lakh from a third victim on similar pretexts. As more complaints emerged, investigators found that several jewellers had allegedly been duped in the same manner.
Based on the complaint, police had earlier arrested Aman Korimutha, 27, a resident of Mahatma Phule Peth, along with another unidentified accused linked to the case. Police said 676 kg of silver was recovered from their possession.
Case Shifted to EOW as Fraud Amount Rose
With more complainants coming forward, the total alleged fraud amount rose to nearly ₹14 crore. The case was subsequently transferred to the Economic Offences Wing for a detailed investigation.
The arrests mark a significant step in the probe into what police describe as a wider cheating racket targeting jewellers through false promises of manufacturing fresh ornaments and returning them with enhanced value.
