Ahmedabad Jewellery Trader Alleges ₹1.56 Crore Payment Fraud By Chennai Firm

The Economic Offences Wing (EOW) of the Ahmedabad Crime Branch has registered a case against four partners of a Chennai-based jewellery firm for allegedly failing to pay ₹1.56 crore for gold ornaments supplied by an Ahmedabad-based jewellery trader.

According to a complaint filed on September 9 by Porin Soni, 45, a partner in S.R.K. Jewels, the dispute involves gold ornaments weighing 988.294 grams, valued at ₹1.30 crore, supplied to Abhis Gemglow Jewellers Pvt. Ltd. in Chennai. An additional ₹26 lakh was allegedly claimed through a debit note following fluctuations in gold prices, taking the total outstanding amount to around ₹1.56 crore.

Jewellery Selected at Mumbai Exhibition

Soni told police that his family-run jewellery business participated in a Gems and Jewellery Exhibition in Mumbai in August 2025. Representatives of the Chennai-based firm allegedly visited the exhibition and selected several gold jewellery designs belonging to S.R.K. Jewels.
The representatives later contacted the Ahmedabad firm and visited its premises in Sarkhej. They allegedly introduced themselves as established jewellery traders and expressed an interest in purchasing the selected ornaments through their Chennai company.

988 Grams of Gold Jewellery Supplied

According to the complaint, the two firms agreed that the jewellery would be supplied against an invoice, with the final payment to be calculated based on the prevailing gold price at the time of payment.
Any difference caused by fluctuations in gold prices was to be settled through a debit note, the complainant alleged.
Following the agreement, five pieces of jewellery weighing 988.294 grams and valued at ₹1.30 crore were supplied under invoice number SL/148. The ornaments were sent to Chennai through a courier service, with delivery and acceptance documents obtained by the Ahmedabad firm.

Payment Allegedly Delayed Despite Repeated Assurances

The complainant alleged that the payment was not received within the agreed period. Despite repeated follow-ups, the partners of the Chennai firm allegedly continued assuring the Ahmedabad trader that the outstanding amount would be cleared.
On April 7, 2026, two employees of S.R.K. Jewels, Nikhil Arvindbhai Mehta and Akhil Rajnikant Shelat, travelled to Chennai to follow up on the payment.
They allegedly met partner Ananda Murthy, who acknowledged receipt of the jewellery and assured them that the payment would be made.

₹26 Lakh Debit Note Issued Over Gold Price Fluctuation

The same day, S.R.K. Jewels allegedly issued a ₹26 lakh debit note to account for changes in gold prices. A copy of the debit note was reportedly handed over to the Chennai firm.
Despite this, the complainant alleged, the payment remained pending.
Employees of the Ahmedabad firm subsequently made several visits and contacted the Chennai firm's partners repeatedly. Another partner, Selvakumar, allegedly assured them that the jewellery had been received and that the outstanding payment would be made.

EOW Examining Transaction Records

The complainant has alleged that the four partners acted in concert from the beginning with the intention of obtaining the jewellery without making the agreed payment.
The EOW has registered the case and is expected to examine transaction records, invoices, delivery documents and communications between the two firms.
Police will also investigate the role of each accused and verify the allegation that the transaction was part of a pre-planned conspiracy.