Ahmedabad jeweller accuses Ratnakar Jewels of cheating ₹6 cr worth of gold taken for ‘exhibitions’

A jeweller based in Ahmedabad has filed a criminal complaint accusing the proprietor and senior staff of Ratnakar Jewels of breaching his trust and cheating him of gold ornaments worth ₹6.1 crore, allegedly taken under the pretext of organising jewellery exhibitions across Gujarat.

The FIR, lodged at Navrangpura Police Station by Rishabh Shah, proprietor of Rishabh Jewellers located at Super Mall on C G Road, states that the accused Harneshkumar Champaklal Shah, his son Harsh Harnesh Shah, and store manager Nikesh Kirit Shah allegedly took over 6.6 kg of gold jewellery from his showroom in April 2025 and subsequently failed to return either the jewellery or its payment.

In his statement, Shah, a jeweller since 2013 operating with a staff of 50, said he had built a business relationship with Ratnakar Jewels over several years. According to him, the accused initially purchased jewellery regularly, clearing payments in instalments and gradually gaining his “trust and confidence”.

The complainant stated that Ratnakar Jewels had most recently cleared pending dues of ₹1.33 crore between 2023 and 2025, strengthening his belief that the firm was financially reliable.

Jewellery allegedly taken for month-long exhibitions

In April 2025, the three accused allegedly visited the complainant’s office at Super Mall and informed him that they were preparing to hold jewellery exhibitions in Gandhinagar, Polka and other locations. They requested large quantities of ornaments for display purposes, stating that the exhibitions would run for about a month.

The accused handed Shah a blank Kotak Mahindra Bank cheque as security and assured him that payments would be settled once the exhibitions concluded. Shah delivered 3,652.470 grams of 22-carat jewellery and 2,994.560 grams of 18-carat jewellery, together valued at ₹6.10 crore at the time. The jewellery was officially registered in the name of Ratnakar Jewels.

Shah told the police that after repeated reminders, the accused refused to return the jewellery, claiming financial constraints. He then deposited the security cheque for ₹6.1 crore, but the cheque got bounced for insufficient funds.

Despite “repeated assurances” on WhatsApp and discussions with the complainant’s accountant, Shah alleges that neither payment nor jewellery was returned. He also claims to have learnt that other traders, too, may have been cheated by the accused.

Based on the complaint, Navrangpura police have booked the accused for criminal breach of trust and cheating. A probe has been launched to verify the allegations, examine business records and trace the jewellery allegedly taken for the exhibitions.