MUMBAI: Powai police have booked four men for cheating a Madhya Pradesh-based businessman of ₹41 lakh in a fraudulent gold deal that involved a staged kidnapping. The accused, identified as Amit Jain, Rajesh Jain, Shubham, and a 20-year-old accomplice, are currently absconding.
According to the complaint by businessman Piyush Gupta, the accused promised gold biscuits at below-market rates, with returns of 10–15%. Gupta was introduced to the group by acquaintances Nadeem Khan of Andheri and Nasir Khan of Bandra, who provided the contact details. Police are probing whether the Khans were complicit.
The fraud unfolded between September 2 and 10. On September 3, Gupta was called to Kadam Hotel in Chembur by Shubham, but the gold consignment never arrived. Later, on September 12, Amit Jain asked him to meet at Santosh Bar on Sakivihar Road in Powai. Gupta, accompanied by the Khans, handed over ₹41 lakh to a youth who displayed a gold biscuit. Moments later, a white Innova without a number plate arrived. Three men got out, abducted the youth, and fled with the money.
When Gupta contacted Shubham, he was told a police case had been filed and assured that either the gold or the money would be returned. But repeated evasions and demands for additional cash aroused suspicion, prompting Gupta to approach the police.
A case has been registered under cheating and criminal conspiracy charges, and efforts are underway to trace the accused.
