Cops say man, who was arrested in Amritsar, used bullion to fund failed nightclub, eatery and online betting racket. According to police sources, the accused, Suresh Narindar Verma, vanished after fleeing with the gold. During the investigation, it was discovered that Verma had used the stolen gold to set up a nightclub in Punjab
The accused, Suresh Narindar Verma (kneeling), with the MHB Colony police
A 55-year-old jeweller from Punjab, who had been absconding for two years after allegedly cheating a Mumbai-based jeweller of 9.5 kg of gold, has been arrested by the Borivli police from Amritsar. His younger brother, also reportedly involved in the crime, is still at large.
According to police sources, the accused, Suresh Narindar Verma, vanished after fleeing with the gold. During the investigation, it was discovered that Verma had used the stolen gold to set up a nightclub in Punjab and a Punjabi restaurant in Bengaluru. However, both ventures failed, leading to substantial financial losses. In a bid to recover those losses, Verma reportedly turned to illegal online betting, where he allegedly lent money to individuals and ran a gambling operation through digital platforms.
The complainants, Navinchandra Sagar, 56, and his son Deep Sagar, are jewellery manufacturers operating under the name Momai Creation in Mumbai. They came into contact with Verma during a jewellery exhibition 15 years ago.
Police said Suresh and his brother Rinku Verma alias Jatinder, who run a jewellery shop named KKH Jewellers in Amritsar, convinced the Sagar family to supply custom-made gold ornaments weighing between 600 to 700 grammes per order. The accused promised to provide 1100 grammes of raw gold for every 1000 grammes of finished jewellery.
Initially, the payments were made promptly via online transfers, earning the complainants’ trust. Based on this trust, the Sagars continued supplying gold ornaments, at times accepting less gold or no raw gold in advance. Eventually, the accused began defaulting on payments and gave various excuses. After reconciling accounts, the Sagars realised that payments amounting to Rs 37 lakh were still due. When Navinchandra
Sagar and his manager, Mittal, travelled to Amritsar to collect the dues, they were allegedly threatened at gunpoint. The accused also reportedly issued death threats to the complainants over the phone. The matter was reported at MHB Colony police station, where an FIR (C.R. No. 155/2023) was registered on April 4, 2023, under Sections 504, 506, and 34 of the IPC.
“Initially, the investigating officer classified the matter as non-cognisable. However, we objected, insisting that the case involved criminal breach of trust and cheating. Upon reviewing the FIR and related evidence, the court observed that the accused had created a false sense of trust and had no intention of returning the gold or making the payments. It directed the addition of Sections 406 (criminal breach of trust) and 420 (cheating) of the IPC to the case,” said the complainant.
“The DCP subsequently transferred the investigation to Borivli Police,” said the complainant. Under the supervision of DCP Anand Bhoite, Senior PI Maloji Shinde, PI Milind Nagpure, and a cyber cell team including PSI Kalyan Patil, Vishal Jhagde, Constable Rabbil Shaikh, and HC Bahiram, the police traced Verma’s location and apprehended him in Amritsar a few days ago. “Verma’s younger brother Rinku Verma alias Jatinder is still absconding,” said an officer.
Nightclub activities
The Verma brothers are also accused of using the stolen gold to launch a nightclub named Irish Beach in Amritsar. In February 2024, acting on a tip-off.
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