Man booked for duping bullion merchant of Rs 2.4 crore

Jain alleged in his complaint that Sharma met him some months ago, posing as a gold bullion dealer.

Sharma won Jain’s trust and told him that he could get him 8 kg of gold for less than the market price, the FIR states.

Convinced, Jain decided to buy gold from Sharma and paid him Rs 4.8 crore through his Axis Bank account.

However, after receiving the money, Sharma failed to deliver the promised gold to Jain, the complaint added.
Jain rigorously followed up with Sharma, demanding to deliver the gold or to return his money. Sharma finally succumbed to his pressure but returned only 2.4 crore rupees to Jain, said a police officer.

When Jain put more pressure on Sharma, asking him to return the rest of his money, this time Sharma told him that he would not return the money.

Jain then approached the police and told them that since August till date Sharma breached his trust and under the pretext of selling gold at cheaper rate, with fraudulent intention, accepted money from him and wrongfully used the money.

Based on Jain’s complaint, the LT Marg police on Saturday registered a case under sections 409 (criminal breach of trust by a public servant or by a banker, merchant, or agent) and 420 (cheating) of the Indian Penal Code, and are further investigating the matter.