Latest news with #PallavGold
Indian Express
3 days ago
- Business
- Indian Express
Businessman cheated: Court rejects anticipatory bail plea of accused in Rs 43 crore ‘dabba trading'
In a case filed by the police for alleged cheating of a city-based businessman to the tune of nearly Rs 43 crore in 'dabba trading', a court has rejected the anticipatory bail plea of the accused. A case was filed by the L T Marg police against Ladulal Kanther, his son Pallav Kanther and nephew Shubham Mahavir Kanther earlier this month on allegations that they had cheated the complainant businessman. The court rejected the pre-arrest bail plea of Shubham on Thursday. 'The investigation is at initial stage. Yet the huge quantity of gold and money is to be recovered. The offence is of a serious nature. A detailed investigation is necessary. The possibility of tampering with prosecution evidence cannot be ruled out,' the court said. The allegations against the accused are that they had met the complainant through a chartered accountant and presented themselves to be engaged in trading of gold and silver through their firms, Maxis Bullion and Pallav Gold, with the promise of good returns on their investments. It was alleged that the complainant had initially invested Rs 2.2 crore which was repaid by the accused and subsequently invested 36.4kg gold and Rs 10.51 crore in cash between 2023 and 2024. The accused delayed repayment business citing slowdown due to gold price fluctuations and assured repayment once operations normalised. As the repayment kept getting delayed, the accused admitted to have invested in an illegal speculative gambling activity, referred to as dabba trading, for betting on stock prices outside the exchange. The complainant alleged that cheques issued by the accused for repayment too were dishonoured. Shubham in his plea claimed that he was falsely implicated and that this was not a criminal case but a civil dispute. The court said that a probe is necessary into the allegations and rejected the plea.
Time of India
06-08-2025
- Business
- Time of India
Mumbai businessman defrauded of Rs 43.76 crore in gold trading fraud
Mumbai: City Police have registered a case of cheating and criminal breach of trust against three bullion traders for allegedly defrauding a city-based businessman and his family to the tune of rs 43.76 crore. This includes 36.4kg gold and Rs 10.51 crore in cash in dabba trading. Dabba trading is an illegal proxy market where investors bet on stock prices outside the exchange. The LT Marg police have booked Ladulal Kanther, his son Pallav Kanther, and nephew Shubham Mahavir Kanther, all proprietors of Maxis Bullion and Pallav Gold, under BNS sections of cheating and forgery. The complainant, Pranam Harish Mehta, aged 39, a resident of Kandivali West, along with his uncle Anil Mehta and cousin Jay Mehta, runs a gold trading firm, "PFive Bullions Pvt. Ltd." in Zaveri Bazaar. In Feb 2023, through their acquaintance CA Anil Jagetia, they were introduced to the Kanthers, who presented themselves as successful and trustworthy bullion traders offering lucrative returns on investments. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Encouraged by initial profits on smaller investments, the Mehtas gradually invested a total of 36 kg of gold and Rs 10.51 crore in cash between May 2023 and March 2024 in the Kanthers' firms. Initially, the accused returned profits promptly, bolstering the investors' confidence. However, after sizeable investments, they started defaulting on repayments, citing market fluctuations and business slowdowns. When pressed for repayments, the Kanthers allegedly revealed that they diverted the invested funds and gold into illegal MCX Dabba Trading (illegal commodity gambling) and suffered losses. Despite promising to return the dues, they allegedly handed over post-dated cheques amounting to Rs 33.25 crore, which subsequently bounced. In a last-ditch attempt, the Mehtas arranged a meeting in the presence of witnesses at the Powai office of another bullion trader, where the Kanthers signed a stamp-paper agreement dated June 3, 2024, acknowledging their liability. They also issued bank cheques with assurances of staggered repayments between Nov 2024 and May 2025. However, none of these promises materialised, and the cheques continued to bounce.
