SOBO JEWELLER DUPES BIZMAN OF ₹11.71 CRORE GOLD; BOOKED

MUMBAI: The Economic Offences Wing (EOW) of Mumbai Police has registered a case against Jaipur Jewels Global Ltd, a well-known jeweller from South Mumbai, on Friday for allegedly duping a businessman by taking jewellery worth ₹ 3.55 crore from him promising him 9% interest annually.

The cheating amount has now gone up to ₹11.71 crore as the value of the gold is presently ₹6.82 crore and the interest accrued is ₹4.89 crore, said police sources. A case has been registered against Amit Naheta, managing director of Jaipur Global Limited, by Nitin Didwania, 49, managing director of Hazel Mercantile Limited and a resident of Nepean Sea Road in South Mumbai. Didwania’s company is into the export and import of metals and oils.

As per the FIR registered with the Malabar Hill police, in June 2017, the complainant had purchased 12,128 grams of 24-carat gold worth ₹3.55 crore from Naheta’s store. “After a few days Naheta approached the complainant and requested him to ‘invest’ the purchased gold with him rather than keeping it at home and he will give him 9% interest annually in the form of gold,” said the police officer.

The complainant, believing him, gave the gold to Naheta who avoided making any agreement of the same and told him he would give him the returns properly.

“Later Naheta didn’t give any interest as promised when the complainant questioned him about the same, he was told that the business was slow. Finally in 2022, he gave him postdated cheques for ₹10 crore. After srepeated reasons in June 2023, Naheta even returned 100 grams gold bar to the complainant,” said the officer. The police said the cheques also bounced.

A case has been registered under sections 420 (cheating), 409 and 34 of the IPC.