Ahmedabad: A bullion trader from Naranpura has accused a man who claimed to head a charitable foundation of taking gold and silver jewellery worth Rs 2.9 crore from his Ranip shop over 10 months and failing to pay Rs 1.8 crore of the dues. Economic Offence Wing (EOW) has begun examining the complaint.
The bullion trader, who also runs a jewellery shop, came in contact with the accused in Oct 2024 through an acquaintance, according to the complaint filed on Sept 30. The accused allegedly introduced himself as a social worker and chief trustee of a charitable foundation that donated gold and silver ornaments to girls from economically weaker sections and people from different communities.
The total value of the jewellery was Rs 2.9 crore, against which Rs 1.1 crore was allegedly paid, leaving Rs 1.8 crore outstanding. You Can Also Check: Gold Rate in Ahmedabad | Silver Rate in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Ahmedabad AQI | Weather in Ahmedabad | Petrol Price in Ahmedabad | Diesel Price in Ahmedabad | CNG Price in Ahmedabad | LPG Price in Ahmedabad Stay updated with the latest Ahmedabad news. Despite repeated demands through email, WhatsApp and personal meetings, the trader alleged that the accused continued promising to make the payment but failed to clear the dues. EOW is examining the alleged transactions, bank records, cheques, emails and WhatsApp conversations as part of its investigation. Download the TOI App.
The accused allegedly bought 550.1 grams of silver anklets from the shop on Oct 6, 2024, and told the trader that the foundation would require jewellery regularly. Between Oct 6, 2024, and Aug 6, 2025, the accused allegedly took gold jewellery weighing over 3kg and valued at Rs 2.6 crore. He also allegedly took 21.8kg of silver jewellery valued at Rs 24.4 lakh.
Some cheques were stopped for payment, according to the complaint. He allegedly assured the trader that payments would be made at market rates and requested bills for audit purposes. The jeweller alleged that the accused subsequently began taking gold and silver ornaments from the shop regularly. Initially, payments were made through bank transfers and cash, allegedly to gain the jeweller’s trust. The accused also allegedly issued eight cheques from accounts linked to the foundation and another entity. The accused later allegedly made partial payments and assured the trader that the outstanding amount would be cleared. The trader further alleged that the accused sometimes collected jewellery in haste and asked him to prepare only handwritten provisional bills, promising to make payments later. Emails and WhatsApp messages relating to quotations, jewellery lists, bills and outstanding payments were also exchanged, the complaint states.