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Trader Claims Gold Was Given for Business Funding

According to the police complaint, Ashok Bansibhai Vacheta (42), a resident of Nava Vadaj, alleged that he came into contact with one of the accused through a mutual acquaintance after purchasing a second-hand vehicle in 2024.

The accused reportedly introduced him to two business associates, claiming they required funds to purchase garments in bulk before the Diwali season and promising quick financial returns.

Gold Biscuit and Chain Handed Over

The complainant stated that, as he did not have sufficient cash, he handed over his daughter’s 50-gram gold biscuit and a 16.250-gram gold chain after receiving assurances that the valuables would be returned within a few days.

According to the complaint, the gold was handed over on November 24, 2025, in the presence of family members and a friend.

Gold Allegedly Pledged Without Consent

The trader alleged that despite repeated follow-ups, the accused failed to return the gold ornaments.

During his own inquiries, he claimed to have discovered that the gold had been pledged at a jewellery shop in Chandkheda for 6 lakh rupees. He further alleged that the accused neither redeemed the pledged gold nor returned it, resulting in an estimated financial loss of 8 lakh rupees.

FIR Registered, Investigation Underway

Based on the complaint, the Vadaj Police have registered a case against the three accused under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) for alleged cheating and criminal breach of trust.

Investigators are currently recording witness statements, including that of the jewellery shop owner where the gold was allegedly pledged, while also examining financial transactions linked to the case.

Police said the investigation remains ongoing, and further action will depend on the evidence collected during the inquiry.

FAQs

1. What is the Ahmedabad gold fraud case about?

The case involves an Ahmedabad trader who alleged that gold worth approximately 8 lakh rupees was handed over to three individuals for a business funding arrangement. According to the complaint, the valuables were not returned and were allegedly pledged without the trader’s permission.

2. What gold items were allegedly handed over by the complainant?

The complainant claimed he entrusted a 50-gram gold biscuit and a 16.250-gram gold chain, believing they would be returned after a short-term business transaction. He later alleged that the gold was pledged instead of being returned.

3. What charges have been filed against the accused?

The Vadaj Police have registered an FIR under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) for alleged cheating and criminal breach of trust. The investigation is ongoing, and the allegations have not been adjudicated in court.

4. How did the complainant discover the alleged misuse of the gold?

According to the complaint, after repeated requests for the return of the gold went unanswered, the trader made inquiries and allegedly found that the valuables had been pledged at a jewellery shop in Chandkheda for 6 lakh rupees.

5. What is the current status of the police investigation?

The police have begun a detailed investigation by recording statements from witnesses, including the jewellery shop proprietor where the gold was allegedly pledged. Authorities are also reviewing financial transactions and other evidence to determine the facts of the case before taking further legal action.

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