In a major breakthrough against corporate fraud, the Mumbai Police have arrested two managers of a prominent jewellery manufacturing firm for allegedly siphoning off gold worth over Rs 3 crore. The systematic insider embezzlement, which went unnoticed for seven years, highlights a massive security breach inside one of the city’s commercial hubs.
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The MIDC Police in Andheri registered the case based on a complaint by the firm’s owner. While two key employees are currently in police custody, a manhunt has been launched for two other co-conspirators who are currently on the run.
How the Rs 3 Crore Gold Fraud Unfolded
The arrested accused, identified as Jigar Jagda and Chetan Soni, allegedly engineered a dual-layered scam that began in January 2018 and actively continued until December 2025.
According to police officials, the duo utilized two main methods to embezzle the company’s assets:
- Forged Invoices: Jagda and Soni submitted fake invoices totaling over Rs 39.21 lakh for jewellery designs that the company never actually purchased.
- Melting-Room Siphoning: Over several years, the managers systematically skimmed small, unnoticeable quantities of gold during the factory’s regular melting and casting processes.
In total, the duo misappropriated approximately 2,235 grams of gold. When combined with deeper discrepancies found in the company’s financial records, the total loss to the firm peaks at over Rs 3.39 crore.
Audit Exposes Seven-Year Jewellery Scam
The multi-crore fraud first came to light during a routine stock audit conducted between April and May 2023, which flagged a shortage of nearly 710 grams of gold.
Initially, Jagda and Soni attempted to deflect blame, attributing the missing gold to the factory’s independent artisans. However, growing suspicious of the explanation, the company owner implemented stringent internal security upgrades, including:
- Installing high-definition CCTV cameras inside the high-security casting room.
- Deploying additional security personnel to monitor daily operations.
The two managers strongly opposed the enhanced surveillance measures—a move that further heightened the owner’s suspicions. A subsequent audit in December 2024 revealed ongoing shortages, confirming a continuous pattern of internal theft.
Current Status of the Investigation
Following the owner’s formal complaint, the MIDC Police booked the four accused under charges of cheating, criminal breach of trust, and forgery.
A local Mumbai court has remanded the two arrested managers to police custody. Meanwhile, investigators are actively conducting raids to track down the remaining two absconding suspects and recover the stolen gold.
FAQ’s
1. What is the Mumbai jewellery gold fraud case about?
The case involves the alleged embezzlement of over ₹3.39 crore worth of gold from a Mumbai-based jewellery manufacturing firm. Two managers are accused of stealing gold over seven years through forged invoices and by siphoning small quantities during the manufacturing process.
2. How was the alleged gold theft discovered?
The fraud came to light during routine stock audits that identified unexplained gold shortages. The company later strengthened surveillance with CCTV cameras and additional security, leading to further audits that confirmed a pattern of ongoing internal theft.
3. Who has been arrested in connection with the case?
Mumbai Police arrested two managers, Jigar Jagda and Chetan Soni. Authorities allege they played key roles in executing the fraud, while two other suspected co-conspirators remain absconding and are being actively traced by investigators.
4. What methods were allegedly used to embezzle the gold?
According to the police investigation, the accused submitted forged invoices for jewellery designs that were never purchased and allegedly skimmed small amounts of gold during the factory’s melting and casting operations over several years to avoid detection.
5. What is the current status of the investigation?
The two arrested managers have been remanded to police custody. Investigators have registered charges including cheating, criminal breach of trust, and forgery, while continuing raids to locate the remaining suspects and recover the allegedly stolen gold.
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