In Mumbai, managing director of a company cheated of gold worth over Rs 11 crore

Subsequently when the three met in 2017, the jeweller’s firm director inquired about the gold bars. “He asked him where did he keep the gold bars and when the complainant responded that it was in his safe, he suggested to him to deposit it in the form of loan or investment with his company and offered him additional 9 percent (per annum) gold as interest,” said an officer privy to the investigation.

The complainant later handed over gold bars weighing 12,128 grams to the accused and was assured of interest at the end of every year, police said. “After three months, when I asked him about the additional gold (nine percent interest), he said the business of the company is slow and pays only after a year. I trusted him and waited for a year. But again after a year as he showed inability to pay the nine percent gold, I asked him to return my gold bars (12,128 grams) which I had deposited in his company,” said the complainant in his statement to police.

The police said that the accused managed to convince him and handed him 40 post dated cheques totaling Rs 10 crore as security but after the complainant’s wife deposited a cheque, the payment did not go through.

As per the FIR, the value of the gold he invested is Rs 6.82 crores and the interest he was supposed to get is Rs 4.89 crores.

“A case was then registered under relevant sections of criminal breach of trust and cheating. We are probing the matter and will take further action soon,” an officer added.