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Time of India
4 days ago
- Business
- Time of India
Mumbai cops arrest three businessmen in gold investment scam cheating investors of Rs 43 crore
Mumbai: The LT Marg police arrested three businessmen, including a chartered accountant who was arrested after he arrived from Dubai on Saturday, in connection with an alleged gold investment scam. 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. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai 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. | Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
Hindustan Times
23-06-2025
- Hindustan Times
Five arrested for robbing ₹50 lakh cash from angadia
Mumbai: The LT Marg police arrested five men on Sunday for robbing ₹ 50 lakh cash from an angadia, a local courier used to deliver money. (Getty Images) According to the police, the victim, Yogesh Patel, 37, works in an angadia firm in Bhuleshwar. On Saturday when he was delivering ₹ 50 lakh cash, three people caught him by the collar and, pretending to be policemen, snatched his phone and made him follow them to a nearby hotel. The accused made him get into a car and sit between two of them in the back seat. Patel told the police that when he resisted, one of the accused threatened him with a knife. The accused later snatched the bag containing money, drove to Kharghar in Navi Mumbai, and threw him out of the car telling him to leave Mumbai or they would find him and hurt him. However, Patel noted down the car's number, borrowed a phone from a passing biker and informed his manager Sameer Patel about the incident, and filed a police complaint. Patel told the police he had been carrying 9,800 notes of ₹ 500, and 1,000 notes of ₹ 100, totalling ₹ 50 lakh. The police tracked the car to Pune, and with the help of local police caught two of the accused, Ajay Lokhande, 32, Revansiddha Javale, 27. The two confessed to the crime and the police recovered the chopper knife and ₹ 26 lakh cash from them. Further investigation led the police to the other two accused Sagar Jadhav, 29, and Vikas Dabde, 36, from whom the police recovered ₹ 2 lakh cash. The fifth accused, Dilip Dhekale, 43, was caught at his residence in Thane, and when the police searched his house they found ₹ 96,000. According to the police, Dhekhale also had a press identity card and the forged identity card of a police constable from Thane. The police have recovered ₹ 29 lakh and are trying to trace the remaining amount. The five accused have been booked under sections 204 (personating a public servant), 205 (Wearing garb or carrying token used by public servant with fraudulent intent), 140(2) (kidnapping or abducting), 309(4) (robbery), 61(2) (criminal conspiracy) of the Bharatiya Nyaya Sanhita (BNS) along with relevant sections of the Maharashtra Police Act.
