FIR filed after firm fails to return gold worth Rs 15 crore

The businessman deposited the gold in 2013. Representation pic

A businessman from Palghar has reportedly been defrauded of gold worth Rs 15.1 crore, prompting the Economic Offences Wing (EOW) of the Mumbai police to take over the investigation. The Amboli police registered an FIR after the businessman alleged that Hunnar Golds, a company he had trusted with 20 kg of raw gold, violated the terms of their agreement and even failed to return the gold to him.

"He deposited 20 kg of raw gold with Hunnar Golds on August 13, 2013, under a formal agreement granting the company exclusive selling rights for the gold products. The agreement promised the businessman a two per cent profit on sales or R400 per gram of gold, whichever is higher, with a clause ensuring the return of the 20 kg of gold within four months if the terms were breached. According to the complainant, he was duped through a well-planned scheme involving promises of high returns on investments," said police inspector Devkare of Amboli police station.

"The accused, identified as Tejas Soni of Hunnar Golds, allegedly violated terms of the agreement. Despite repeated reminders from the complainant, Soni allegedly failed to return the gold and the promised profits. The current value of the gold, combined with other associated losses, amounts to Rs 15.1 crore," PI Devkare said.

Since the gold was deposited more than a decade ago, the police registered an FIR against Soni under Indian Penal Code sections 409 (criminal breach of trust) and 420 (cheating and dishonestly inducing delivery of property). "The case has been taken over by EOW for further investigation." PI Devkare added.