Mumbai: Police Bust Rs 43.76 Crore Gold Investment Scam; Three, Including CA, Arrested

Mumbai’s LT Marg police have busted a multi-crore gold investment scam, arresting three traders — among them a chartered accountant — for duping a bullion firm of gold and cash worth ₹43.76 crore. One of the accused was nabbed on Saturday after flying in from Dubai.

The accused — Ladulal Kanthe (54), his son Pallav (27), and CA Anilkumar Jagehtia — allegedly enticed Pfive Bullion Pvt Ltd of Zaveri Bazaar to invest in their firms, Maxis Bullion and Pallav Gold, promising handsome returns. Initially, they returned ₹2.22 crore with profits to gain the victim’s trust.

From May 2023 to March 2024, the victim’s family invested 36.376 kg of gold and ₹10.51 crore in cash. But when repayment was sought, the accused claimed heavy losses due to market fluctuations. Later, they allegedly admitted to losing the assets in illegal MCX and Comex dabba trading.

They promised to repay ₹33.25 crore and issued over 100 cheques — all of which bounced. During questioning, the trio blamed Jagehtia for diverting funds into speculative trades.

Police are continuing their probe and are on the lookout for a fourth accused, Shubham Mahavir Kanthe.