Ahmedabad, Sep 5 (IANS) An Ahmedabad-based jeweller was arrested within hours of a complaint alleging that he and his son collected money and silver worth Rs 1.41 crore from villagers by promising high returns on investments in gold and silver, officials said on Saturday.
Dholka Town Police Station registered a case against Om Jewellers owner Amitkumar Soni and his son Parth Soni under Sections 316(5) and 61(2) of the Bharatiya Nyaya Sanhita, 2023, and Section 3 of the Gujarat Protection of Interest of Depositors (in Financial Establishments) Act, 2003.
According to the complaint, the accused allegedly used their jewellery business in Dholka to gain the confidence of investors, telling them that investments in gold and silver would generate good returns.
They allegedly persuaded people to deposit money for silver investments and initially returned investments along with profits, thereby building trust before seeking larger investments.
The complaint alleges that the complainant and witnesses subsequently invested a total of 113 kg of silver, valued at Rs 1,41,14,155 at a rate of Rs 1,24,500 per kg.
When investors repeatedly sought repayment, the accused allegedly returned some gold and silver jewellery and cash but failed to repay a balance of Rs 74,51,776.
Police alleged that the accused subsequently made repeated promises to return the outstanding amount or silver but did not do so.
The complaint alleges that the investors were thereby subjected to criminal breach of trust, with the outstanding loss put at Rs 74.51 lakh.
Police Inspector A.R. Dhawan formed a team to investigate the case and arrest the accused. Amitkumar Soni was arrested at around 11 p.m. on September 2 and was subsequently produced for remand.
“His remand was granted until 5 p.m. on September 6,” police said. He is currently in Dholka Town Police custody.
The investigation has also brought to light an earlier case involving members of the same family.
Police said a case had previously been registered at Dholka Police Station against Hari Jewellers owners Ghanshyam Soni, Yashkumar Soni and Deepkumar Soni over allegations of cheating investors through a similar gold and silver investment arrangement.
In the earlier case, investors were allegedly persuaded to hand over silver after being promised good returns.
A complaint was subsequently lodged alleging that the accused failed to provide the promised silver or return the investment amount and profits.
Police are now examining whether the two cases are connected and are investigating the relationship between those involved, their business and financial transactions, and whether there are other investors who may have suffered losses.
The police have appealed to anyone who gave money, silver or gold for investment through such an arrangement but did not receive it back to contact Dholka Town Police.
–IANS
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