Mumbai Police Arrest 2 Directors In ₹15.09 Crore Gold Jewellery Fraud

The Economic Offences Wing (EOW) of the Mumbai Police has arrested two company directors, Bindu Selvakumar and Anandamoorthy Natarajan, in connection with an alleged ₹15.09-crore fraud involving gold jewellery. The accused allegedly purchased more than 10.5 kg of gold jewellery from a Mumbai-based company, Unique Chains and Jewellers Ltd, and failed to make the full payment despite repeatedly promising to clear the outstanding amount.

The accused were arrested on August 11, 2026, from Mahadevapura Police Station limits in Bengaluru, Karnataka. According to the EOW remand application, a complaint was lodged by Sanyam Prem Mehra, following which a case was registered against the accused under various sections of the Bharatiya Nyaya Sanhita (BNS).

The complainant's company, Unique Chains and Jewellers Ltd, manufactures hallmarked gold jewellery. The accused allegedly purchased jewellery through Abhis Gemglow Jewellers Pvt Ltd, initially making payments on time and gaining the company's confidence. However, between December 15, 2025 and January 6, 2026, the accused allegedly purchased around 10.502 kg of gold jewellery, valued at approximately ₹14.05 crore, and failed to clear the outstanding dues.

The accused allegedly acknowledged the delay through emails and provided payment schedules. On February 28, 2026, a cheque of approximately ₹15.34 crore was issued towards the outstanding amount, but it was returned unpaid after a “stop payment” instruction was issued. The accused subsequently allegedly provided written assurances and a notarised affidavit on stamp paper, promising to repay the outstanding amount in instalments.

Despite these assurances, the dues were not cleared. The police are now investigating what happened to the gold jewellery purchased by the accused and whether the proceeds were used to purchase movable or immovable properties. Investigators are also probing the role of other accused persons and suspected accomplices.

The EOW has sought seven days of police custody of the two arrested accused, citing the need for detailed investigation into the financial transactions, recovery of the alleged fraud amount, tracing of the gold jewellery and identification and arrest of other accused. The investigation is being conducted by Police Inspector Shivanand Kumbhar of EOW Unit 7 (Shares).

The arrest of the two directors is a significant development in the case, and the EOW is working to unravel the complex web of financial transactions and recover the alleged fraud amount. The case highlights the importance of vigilance and due diligence in business transactions, particularly in the gold jewellery industry.

The Mumbai Police's EOW has been actively investigating cases of economic offences, and this arrest is a testament to their efforts to crack down on fraudulent activities. The police are working to ensure that those responsible for the fraud are brought to justice and that the victims receive the compensation they deserve.

In the context of Mumbai's business landscape, this case serves as a reminder of the need for businesses to be cautious when dealing with new clients or partners. The city's gold jewellery industry is a significant contributor to the economy, and cases like this can have a ripple effect on the market.

The investigation is ongoing, and the EOW is working to gather more evidence and build a strong case against the accused. As the case unfolds, it is likely to have significant implications for the gold jewellery industry and the business community in Mumbai.

In conclusion, the arrest of the two directors in the ₹15.09 crore gold jewellery fraud case is a significant development, and the EOW's investigation is a step in the right direction towards bringing those responsible to justice. The case highlights the importance of vigilance and due diligence in business transactions and serves as a reminder of the need for businesses to be cautious when dealing with new clients or partners.