Kandivali Fraud: Fraud of Rs 5.10 crores against goldsmith and relatives in Kandivali; Case registered

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A jeweler from Kandivali, with the help of his wife, father, and relatives, lured a 52-year-old businessman and his friends into investing in the online trade of gold and diamonds, defrauding them of 5.10 crore rupees. The Kasturba Marg police have registered a case against the accused under sections 318(4), 316(2), 351, and 3(5) of the Indian Penal Code.

According to the police, in January 2023, the main accused Shantilal Mehta and his wife Mukta Mehta called the complainant Tiwari to their 'Monica Jewelry' shop. There, they encouraged investment in the online commodity trading business of gold, silver, and diamonds, promising a minimum return of 40%. Attracted by this, Tiwari, along with friends Parag Malde and Kamal Parekh, invested 7 million rupees in cash and gold and diamond jewelry worth 44 million rupees.

However, when no return was received by October 2025, an inquiry was made, and the accused began to evade. When they went to the shop, the accused's father promised to settle the account, but even after that, as neither money nor jewelry was returned, the complainants filed a report with the police. The further investigation of this case is being conducted by the Kasturba Marg police.

This fraud case has created an atmosphere of fear among investors and highlighted the need for awareness about the risks in the online trading business.