After building trust through small transactions, a courier operator in Mumbai, along with a UP-based associate convinced jewellers to send large gold consignments and then avoided full payment
Daya Shankar Sharma. PIC/BY SPECIAL ARRANGEMENT
A courier operator and his UP-based associate allegedly ran a coordinated racket targeting gold traders by misusing the Value Payable Post (VPP) system, cheating victims of jewellery worth over Rs 70 lakh, police said.
The LT Marg police on Wednesday arrested Daya Shankar Sharma, 39, a resident of Kalbadevi, who worked with a courier firm before starting New Bright Courier in Kalbadevi. His associate, Avdhesh alias Avinash Goldy — a jeweller based in UP — is on the run. Police said Sharma used his job at the courier firm to build contacts among jewellers and later targeted them.
A police official said, “They first gained the trust of jewellers by completing small deals or making partial payments. Then they got them to send large gold parcels and avoided paying the full amount, taking the gold and cutting off contact.”
VPP system
The police said the accused exploited the Value Payable Post (VPP) system. In VPP system the courier hands over the goods only after collecting payment from the buyer and remitting it to the sender; no payment, no delivery. “The courier deliberately delivered parcels without collecting full payment to build confidence,” an officer said.
Case 1
A 36-year-old wholesale gold trader operating from Sheikh Memon Street, was approached by Sharma, who introduced Goldy as a genuine buyer. Goldy first placed a small order of gold and made prompt payment. He then placed a larger order, following which the victim sent 217.56 gm of gold through Sharma’s courier. Payment was never made, and a cheque later issued by the accused bounced.
Case 2
A 46-year-old jeweller from Nalasopara, alleged that he was cheated after being introduced to Goldy through Sharma. He sent 714.5 gm of gold jewellery via the same courier under VPP system. The accused were to pay in gold equivalent before delivery. However, while the accused initially returned 225 gm of gold and transferred R11 lakh via RTGS, followed by R1 lakh later, they failed to return the remaining 322.15 gm of gold worth Rs 31.57 lakh.
Case 3
On April 1, police received a written complaint from a Zaveri Bazaar-based jeweller alleging a similar modus operandi by the same accused. A preliminary inquiry is underway, and a complaint is likely to be converted into an FIR.
Courier’s role in scam
The police said Sharma played a crucial role by leveraging trust built over years with jewellers and acting as the link between victims and the UP-based trader. “He specifically targeted his old clients and assured them safe transactions. In some cases, victims had clearly instructed that parcels be handed over only after payment, yet the accused bypassed this,” an officer said.
Three
No of complaints so far against accused duo
More victims feared
With three victims having come forward so far, the police suspect more traders may have been cheated using the same method and have urged victims to approach them.
Manhunt on
While Sharma has been arrested, teams are working to trace Goldy in Uttar Pradesh. Police are also probing whether the duo targeted traders outside Mumbai
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