Mumbai: 44-Year-Old Man Held in ₹5.72 Crore Gold Coin Fraud Case in Goregaon

The Vanrai Police have arrested a 44-year-old employee, identified as Sunil Gupta, for allegedly duping his employer’s company of nearly ₹5.72 crore worth of gold coins using forged purchase orders and fake documents.

According to police, the complainant Naresh Jain, a Goregaon-based businessman who runs a corporate gifting company, had employed Gupta about two years ago after the latter offered to help in expanding the business. Gupta was entrusted with handling financial transactions, and was given access to the company’s email accounts and passwords. Over time, he gained Jain’s confidence by successfully managing deals with different clients.

In August 2024, Gupta claimed that Macleods Pharmaceuticals Ltd. required gold coins for corporate gifting. He presented what appeared to be a genuine purchase order. On his instructions, Jain’s firm booked 3,400 grams of 24-carat gold coins worth ₹2.46 crore, which were handed over to Gupta for delivery. Gupta later submitted documents, including a stamped and signed tax invoice, to prove delivery.

Soon after, Gupta claimed the same company had placed another order and assured that full payment would be made after the second consignment. Believing him, Jain’s company dispatched another 3,600 grams of gold coins valued at ₹3.17 crore.

However, by March 2025, when Jain inquired about the pending payment, Gupta confessed that he had not delivered the gold coins but had instead misused them for his personal benefit. He admitted to creating bogus invoices and forged documents. Gupta assured Jain that he would repay the amount once his financial issues were resolved.

Jain’s brother, Nirmal Jain, who oversees the accounts department, investigated the matter further and discovered that Macleods Pharmaceuticals had never placed any such orders. All the purchase orders and delivery documents shown by Gupta were fake.

Following this revelation, Naresh Jain lodged a complaint with the Vanrai Police. A case was registered against Sunil Gupta for criminal breach of trust, forgery, and cheating. Police subsequently arrested him on Wednesday.

During interrogation, Gupta confessed to the crime. He was produced before a local court, which remanded him to police custody. Investigators are now probing how Gupta disposed of the gold coins, whether he sold them, and if any accomplices were involved. Police are also verifying his past criminal record.