Ahmedabad gold wholesaler alleges ₹1.84 crore fraud by Dholka jeweller

The Economic Wing of Crime Branch has registered a cheating case after a city-based gold wholesaler alleged that a Dholka jeweller procured gold ornaments worth over ₹1.84 crore on credit, issued a security cheque, and subsequently failed to make payment or return the jewellery.

The Economic Wing of Crime Branch of Ahmedabad City Police has registered a case of alleged commercial fraud involving gold ornaments valued at ₹1.84 crore after a wholesale jewellery company accused a Dholka-based jeweller of defaulting on payment and shutting down its business premises.

Satva Gold Limited, a wholesale gold jewellery company based on C G Road in Ahmedabad, supplied gold ornaments worth ₹1.84 Crore, to Hari Jewellers of Dholka between October 2025 and April 2026 under a market credit arrangement.

The complainant, Dhruv Shah, Managing Director of Satva Gold Limited, told police that Hari Jewellers, owned by Dhanshyambhai Gunwantbhai Soni and his son, had approached the company seeking to purchase gold ornaments in bulk after establishing business relations through sample orders.

Police said the company supplied jewellery on dated October 7, 2025. The consignment comprised 18-carat gold ornaments with a net weight of 86.5 grams valued at ₹8.11 lakh and 22-carat gold ornaments with a net weight of 1,412.124 grams valued at ₹1.70 crore. Including 3% GST, the total invoice amount stood at ₹1.84 crore.

As per the agreement, payment was to be made within 15 to 30 days, with the accused allegedly issuing a cheque as security. However, despite repeated reminders, no payment was made and the jewellery was not returned.

The complainant further alleged that when representatives of Satva Gold visited Hari Jewellers' premises in Dholka to recover the dues, they found the shop closed and the accused unavailable. Their mobile phones were also found switched off.

During inquiries, the complainant claimed to have learnt that other jewellery traders had allegedly faced similar payment defaults by the same firm. Police records also indicate that a separate case involving similar allegations has already been registered against the accused at Dholka Police Station.

An FIR has been registered against Hari Jewellers, its proprietor Dhanshyambhai Gunwantbhai Soni and his son under relevant provisions of the Bharatiya Nyaya Sanhita pertaining to cheating and criminal breach of trust.

Police said the investigation is underway to trace the accused, verify the financial transactions and ascertain whether other traders were similarly affected.