Nagpur: A bullion trader in Nagpur was allegedly cheated of ₹2.34 crore after supplying over 2 kg of gold on trust. Pratap Nagar Police have registered a case against Rahul Nareshchandra Khabiya, also known as Jain, a resident of Nalawade Layout, based on a complaint by Jayant Vasantrao Palkar (49), owner of Shri Saptashrungi Jewellers in Trimurti Nagar.
According to police, Jain, who is involved in maize trading, had been purchasing gold ornaments from Palkar’s shop and regularly making payments, gradually earning his trust. However, between February 2024 and March 4, 2025, he bought gold worth ₹2.34 crore but failed to pay.
To settle the dues, Jain issued multiple cheques from AU Small Finance Bank, all of which bounced due to insufficient funds. When Palkar demanded cash payment, Jain allegedly refused, prompting the jeweller to file a complaint.
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29 Oct 2025
Following an initial investigation, police have booked Jain for cheating and are considering transferring the case to the Economic Offences Wing (EOW) for further inquiry.
