Gold Worth Rs 15 Crore Lost in Alleged Investment Fraud in Palghar

Palghar, Mumbai: A businessman from Palghar has been reportedly duped of gold worth Rs 15.1 crore in a well-planned fraud scheme involving promises of high returns. The Economic Offences Wing (EOW) of the Mumbai Police has taken over the investigation after an FIR was registered by the Amboli Police.

The complainant had entrusted 20 kg of raw gold to Hunnar Golds, a company led by Tejas Soni, on August 13, 2013. As part of an agreement, the businessman was promised a 2% profit on sales or Rs 400 per gram of gold, whichever was higher, with a clause stating the return of the gold within four months if the agreement was violated. However, despite repeated reminders, the gold was never returned, nor were the promised profits given.

The current total loss, including the value of the gold and associated damages, is now valued at Rs 15.1 crore. The police have filed charges under Indian Penal Code sections 409 (criminal breach of trust) and 420 (cheating and dishonestly inducing delivery of property) against Tejas Soni. The investigation is ongoing.