Ahmedabad Trader Alleges ₹8 Lakh Gold Fraud, 3 Booked for Cheating, Criminal Breach of Trust
Summarized by AI; it may make mistakes. Check important info
Summarized by AI; it may make mistakes. Check important info
The Vadaj Police have registered a case against three men for allegedly cheating an Ahmedabad trader and failing to return gold worth ₹8 lakh that had been entrusted to them to raise funds for a business venture.
The accused have been booked under the relevant provisions of the Bharatiya Nyaya Sanhita (BNS) for cheating and criminal breach of trust.
Gold handed over for business investment
According to the complaint, Ashok Bansibhai Vacheta (42), a resident of Nava Vadaj, was introduced to the accused through a friend after purchasing a second-hand car in 2024.
The complainant alleged that Ravindra alias Ravi Karnalsinh Bhati introduced him to his business partners, Atish Pravinbhai Shah and Amish Pravinbhai Shah, who claimed they needed funds to purchase garments in bulk ahead of the Diwali season and promised quick returns.
As he did not have cash available, Vacheta alleged that he handed over his daughter's 50-gram gold biscuit and a 16.250-gram gold chain after the accused assured him the valuables would be returned within a few days.
Gold allegedly pledged for ₹6 lakh
The complainant stated that he handed over the gold on November 24, 2025, in the presence of his brother Ganesh Vacheta and friend Mukesh Thakor near a Bank of Baroda society.
However, despite repeated requests, the accused allegedly failed to return the ornaments. During his inquiries, Vacheta claimed he discovered that the gold had been pledged at a jewellery shop in Chandkheda for ₹6 lakh.
He alleged that the accused neither redeemed the pledged gold nor returned it, resulting in an estimated loss of ₹8 lakh.
Police begin investigation
Based on the complaint, the Vadaj Police have registered an FIR against the three accused and launched an investigation.
Police are recording statements of witnesses, including the proprietor of the jewellery shop where the gold was allegedly pledged, and examining financial transactions linked to the case.
