Mumbai cops arrest three businessmen in gold investment scam cheating investors of Rs 43 crore
They induced investors into investing in profit-making shares and engaged in dabba trading (illegal exchange), cheating them out of nearly Rs 44 crore.
The three accused arrested are Ladulad Kanthare, 54, Pallav Kanthare, 27, and Anilkumar Jagetia. They are accused of duping a bullion firm in Zaveri Bazaar by luring them into investing gold and cash, later misappropriating the assets in illegal commodity and stock market trading.
According to the police, the complainant and his family run PFive Bullions Pvt Ltd, a gold trading business in Zaveri Bazaar. In early 2023, the complainant's uncle, Anil Mehta, was introduced by chartered accountant Anil Kumar Jagetia to the accused — Ladulal Harakchand Kanther, 54, his son Pallav Ladulal Kanther, 27, and wanted accused Shubham Mahavir Kanther — who operated businesses under the names Maxis Bullion and Pallav Gold.
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The accused allegedly gained the trust of the complainant's family by initially returning a Rs 2.22 crore investment with timely profits. Over the next year, from May 2023 to March 2024, the complainants invested 36.37 kg of gold and Rs 10.51 crore in cash into the accused's companies, with a total value of Rs 43.76 crore.
When repayment was demanded, the accused claimed business losses due to fluctuations in gold prices. In a meeting mediated by acquaintances, the accused allegedly admitted to losing the gold and cash through MCX and dabba trading (illegal speculative trading) in India and COMEX dabba trading in Dubai. They signed an agreement to repay Rs 33.25 crore, issuing over 100 cheques, which later bounced.
During interrogation, they implicated their associate, Anil Kumar Jagetia, alleging he diverted company funds into gambling trades. |
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