Nagpur: A case of alleged fraud involving gold ornaments worth Rs 21.61 lakh has come to light in Nagpur’s Itwari bullion market, where two jewellery brokers are accused of taking away 132 grams of gold ornaments from a jeweller on the pretext of showing them to prospective customers and subsequently misappropriating the sale proceeds.
The ornaments, valued at Rs 21,61,976, were allegedly sold by the brokers, but the money received from the sale was not handed over to the jeweller. Despite repeated demands over several months, the accused allegedly failed to return the amount, prompting the businessman to approach the police.
The incident occurred at Shahid Chowk in Itwari’s Sarafa Bazaar, under the jurisdiction of Tehsil Police Station.
The complainant, Uttam Phoolchand Kashyap, 63, a resident of Darodkar Chowk in the CA Road area, runs Gulabchand Saheblal Jewellers, a family-owned establishment that has been operating for approximately 63 years.
According to the complaint, the accused have been identified as Prasanna Prafull Saraf and Prafull Premchand Saraf, residents of the Nikalas Mandir premises in Lakadganj.
The traditional jewellery trade in Itwari’s bullion market often operates through a network of brokers and smaller traders who obtain ornaments from established jewellers to show prospective customers. Payment is generally made after the ornaments are sold.
Police suspect that the two brokers allegedly took advantage of this business arrangement and the trust associated with it. They reportedly obtained 132 grams of pure gold ornaments from Kashyap, claiming that they intended to show the jewellery to customers.
The transaction was recorded in the shop’s memo register, which reportedly carries the signatures of the two brokers. The entry is expected to be an important piece of evidence in establishing the transaction and determining the circumstances in which the ornaments were handed over.
Sale proceeds allegedly withheld
The ornaments were subsequently allegedly sold, but instead of remitting the proceeds to Kashyap, the accused are alleged to have retained the money for their personal use.
The jeweller reportedly waited for several months and repeatedly sought payment. However, the amount allegedly remained unpaid, eventually leading him to lodge a complaint with the police.
The case has raised concerns over the misuse of informal business arrangements in a market where transactions often depend on established commercial relationships and mutual trust.
Tehsil Police are investigating the matter to establish the sequence of events, verify the allegations and determine the role of the accused. Further details regarding the recovery of the ornaments or the alleged sale proceeds were not immediately available.
