Gold scam gang stages fake deal, vanishes with Rs 30 lakh

The accused allegedly approached jewellers claiming they could supply pure gold at rates lower than the market price. Police said the gang targeted traders from Zaveri Bazaar and built trust over several days by repeatedly visiting shops and posing as members of a “syndicate group” dealing in bulk gold transactions

LT Marg police have arrested four members of an alleged fake gold syndicate that cheated two traders by promising cheap pure gold deals.

The victims were taken to a Bhuleshwar location and asked to bring cash for "verification" before the gold delivery. Investigators said the accused had created a fake business setup where different gang members played specific roles - including counting cash, acting as syndicate representatives and pretending to coordinate gold delivery - to make the transaction appear genuine

Police said complainant Gaurav Prakash Jain, a Zaveri Bazaar jeweller, was first approached in August 2025 by accused Ramesh Pujari, who allegedly introduced him to the syndicate headed by Mustafa Shaikh alias Suraj.

After gaining the victims' trust during the staged transaction, the gang allegedly disappeared with Rs 30 lakh without delivering any gold. Police said two traders were cheated of Rs 10 lakh and Rs 20 lakh, respectively, after the accused allegedly took control of the cash and vanished from the spot. Illustrations/Uday Mohite

During the probe, police arrested Pradip Singh, Pujari and Mangesh Dhone from Odisha. Suraj, who was allegedly absconding for over six months, was arrested earlier this week.

Officials said the gang had first attempted similar operations in Chennai before shifting base to Mumbai. Police have recovered Rs 5 lakh so far, while one more accused, described as the syndicate's "handler", remains absconding.