A 49-year-old managing director of a company dealing in import and export of mineral oil, metal, and iron filed a complaint with the Malabar Hill police after being defrauded by an acquaintance of gold worth over Rs 11 crore. The accused, who works as a managing director of a jewelry firm, promised to provide nine percent interest annually for the investment. The complainant had known the accused since 2010.
Initial Investment
During a visit to the accused’s company at Nana Chowk in June 2017, the complainant and his wife purchased 24K.995 Purity gold bars worth Rs 3.55 crore (currently valued at Rs 6.82 crore). The payment was made through RTGS.
Offer of Additional Interest
At a subsequent meeting in 2017, the jeweler’s firm director suggested that the complainant deposit the gold bars as a loan or investment in his company, offering an additional nine percent gold as interest. The complainant handed over gold bars weighing 12,128 grams to the accused and was promised interest at the end of each year.
Failed Promises
However, after a year passed and the accused failed to provide the promised nine percent gold as interest, the complainant requested the return of his gold bars. The accused gave the complainant 40 post-dated cheques totaling Rs 10 crore as security, but when the complainant’s wife tried to deposit a cheque, the payment did not go through.
The total value of the gold invested by the complainant was Rs 6.82 crores, and the supposed interest was Rs 4.89 crores according to the FIR.
After the complainant’s statement to the police, a case was registered under relevant sections of criminal breach of trust and cheating. The authorities are currently investigating the matter and will take further action.
