Mumbai: Cops arrest three for Rs 21 crore gold theft and investment scam

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Three individuals, including two finance business managers, have been taken into custody by the property cell of the Mumbai Crime Branch. The suspects allegedly sold 29 kg of gold worth Rs 21 crore that was kept in a bank locker and used the proceeds to buy shares in the stock market. The corporation conducted an audit and discovered that the gold was missing, leading to the uncovering of the swindle. When confronted, the accused threatened to involve gangsters in the matter.

The individuals arrested by the Property Cell have been identified as Shivkumar Iyer (30), Shivaji Patil (29), and Sachin Salunke (41). They have been charged under IPC sections 408, 409, 506, 506(2), 420, and 120B. Akash Pachlo, an official at Rover Finance Limited (a gold loan company), reported the theft. In 2024, Rover Finance took over the loan department of Trillion Loan Fintech Private.

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According to the FIR, during an audit in April, it was discovered that 260 packets holding 29 kg of gold ornaments, mortgaged by various clients, had gone missing from a bank locker. The locker keys were with branch manager Shivaji Patil and area manager Shivkumar Iyer. "Initially, the managers avoided questions about the missing gold, but subsequently, Iyer admitted that they had invested the gold in the stock market for profit. He admitted that he had cooperated with Patil since January 2024 and invested the gold through Sachin Salunke, who deposited it in the names of his relatives and friends at ICICI Bank and took out loans against it," an officer said.

The proceeds were shared between Patil and Iyer. Iyer admitted to receiving Rs 8.75 crore, of which Rs 40 lakh was given to Patil. Iyer also confessed to suffering losses in the stock market. According to the Property Cell, when the complainant met Iyer in Andheri on June 4 and asked about returning the gold, Iyer threatened him with underworld connections. Following this, the company lodged a complaint with the Sakinaka police, alleging that Iyer and Patil had secretly taken 260 packets of gold ornaments worth Rs 21 crore between January and April 2024.

According to the complainant, on June 4th, he confronted Iyer at the Andheri office and asked him to return the gold. Iyer then started making threats, saying, "Agar tum zyada paisa paisa karoge to record wale dosto ko involve karna padega." When the complainant asked, "Record wale dost matlab?" Iyer replied, "Bhai log," and added, "Tu tere kaam se kaam rakh nahi to duniya se utha dunga."