Mumbai: BKC Police Bust Gold Exchange Fraud Targeting Jewellers; 3 Arrested

In a major breakthrough, the BKC Police have busted a fraud racket in Mumbai that targeted jewellers by luring them with promises of 24-carat gold in exchange for their 22-carat ornaments. The police have arrested three individuals in connection with the scam. The accused have been identified as Rakesh Lilani, Mohammad Hanif Abdullah Shama, and Vikrant Rangraj Parekh.

According to the BKC Police, the arrested trio would approach jewellers with a tempting offer—24-carat gold biscuits and bars in exchange for 22-carat gold jewellery. Once the jeweller agreed, they were asked to manufacture the ornaments and deliver them in person in exchange for gold bars. However, the bars handed over would turn out to be counterfeit. By the time the fraud came to light, the accused would have disappeared with the real jewellery.

The police said that the accused operated with precision and used their prior experience in the diamond trade, where they earlier worked as brokers, to gain the trust of jewellers. During interrogation, the trio confessed to being involved in three similar cases under the jurisdiction of BKC Police and one at VP Road Police Station.

Investigations have revealed that the gang targeted unsuspecting jewellers across the city using the same modus operandi. Further probe is underway to ascertain whether more people are involved and if additional cases are linked to this syndicate.