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Two arrested for ₹14 crore fraud targeting jewellers in Pune
Police in Pune arrested two men for allegedly duping jewellers of about ₹14 crore by promising to manufacture new ornaments in exchange for gold, silver, and cash. The case spans incidents from January and culminated in arrests in April 2026, with the investigation later handled by the Economic Offences Wing (EOW).
Why It Matters
The incidents highlight ongoing fraud schemes targeting jewellery businesses, prompting a police crackdown and a shift to specialized economic offences investigation.
Timeline
4 Events
Remand in police custody (April 20, 2026)
April 20, 2026
A court remanded the two accused in police custody for two days.
Arrests linked to the case and transfer to EOW (April 17, 2026)
April 17, 2026
Pankaj Gautamchand Jain, 48, and Nemichand Vishanraj Korimutha, 59, were arrested by the Pune police’s Economic Offences Wing on Friday after posing as businessmen and engaging in the scheme. They reportedly surrendered to police following a search operation. Investigations indicated that Aman Korimutha and another unidentified accused had been earlier arrested and 676 kg of silver recovered. The case was transferred to the Economic Offences Wing for a detailed probe into losses totaling about ₹14 crore.
Complaint filed by Rathod Jewellers owner (January 28, 2026)
January 28, 2026
Sanjay Pushkaraj Rathod, 55, owner of Rathod Jewellers on Bund Garden Road, filed a complaint at Koregaon Park police station regarding the alleged fraud and sought action.
Fraud date and method (January 22, 2026)
January 22, 2026
The accused, posing as businessmen, collected around 60 kg of silver along with gold and cash from jewellers in Ravivar Peth, Pune, promising to manufacture new ornaments and return them with added value within two to three days, but failed to deliver and misappropriated the valuables.