A major fraud case linked to the jewellery business has come to light in Mumbai, where a trusted agent allegedly cheated a jeweller of gold and diamond ornaments worth over Rs 1.47 crore. The police have registered a case against the accused and initiated a detailed investigation.
According to police officials, the complainant, Sanjay Jain (45), a resident of Vile Parle East, has been engaged in the jewellery business for the past 15 years. His company markets its products not only in Mumbai but also across South Indian markets through appointed agents.
In March 2025, the company assigned Mahavir R. Roshanlal (38), a Bengaluru-based agent, the responsibility of marketing and sales. As per the agreed arrangement, jewellery consignments were sent via courier for display to potential customers. The agent was entitled to a 3 per cent commission on sales, while unsold items were to be returned to the company.
However, allegedly exploiting this trust, the accused executed a planned fraud. Between April and November 2025, a total of 3,946 grams of jewellery was sent in five consignments. Out of this, 587.42 grams of jewellery, valued at Rs 1,47,49,429, was not returned by the agent.
Suspicion arose in December 2025, following which the company deputed an employee to Bengaluru. A stock verification revealed a significant shortfall. When questioned, the accused initially claimed that the jewellery had been given to “reputed clients” for display and would soon be returned.
Subsequently, he continued to make excuses, citing delays in courier services and claiming parcels were being prepared. Upon verification with the courier company, it was discovered that although an employee had visited to collect the parcel, the accused had turned him away.
Under sustained pressure, the accused eventually admitted to selling the jewellery without informing the company and using the proceeds for personal expenses. He also cited financial difficulties and mental stress during the course of the discussions.
According to the complainant, the accused and his family had initially assured that the jewellery would be returned, which delayed the filing of a police complaint. However, after repeated failures to honour the commitment, a formal complaint was lodged on March 29, 2026.
The police have registered a case against the accused under sections related to cheating and criminal breach of trust. Further investigation is underway, and efforts are on to trace and apprehend the accused.