Hyderabad jeweller alleges ₹12 crore gold cheating; four booked after 6.9 kg gold handed over
HYDERABAD: A Hyderabad-based jewellery manufacturer has alleged that he was cheated of gold ornaments and stones worth about ₹12.6 crore after a business arrangement proposed in 2022, according to a complaint submitted to police on March 28, 2026.
The complainant, Saahil Jain, proprietor of Divya Gems at Aadarsh Nagar, stated that Jitender Agarwal, associated with Dhanlaxmi Steel/Dill TMT, approached him in August 2022 with a proposal to act as an agent for supplying gold ornaments to jewellery outlets, including Manepally Jewellers. He allegedly introduced Naman Agarwal as an associate who would coordinate operations, while he would guarantee finances.
Jain said he was promised 2% profit on gold and 30% on stones, with assurances of timely payments. To build confidence, jewellery worth about ₹30,00,000 was supplied on October 14, 2022, and the amount was paid through RTGS to his State Bank of India account. He claimed the payment induced him to continue larger transactions.
Later, meetings were held at Sawariya Jewellers, Abids, where the accused allegedly persuaded him to supply high-value ornaments. Jain said he was asked to verify Agarwal’s reputation through community references and was assured that the transaction was “completely safe”.
Acting on these assurances, he supplied 6,963.824 grams of 24-carat gold ornaments with precision stones valued at ₹63,31,009 at the time, now estimated at about ₹12.6 crore. The ornaments were handed over to Naman Agarwal on Jitender Agarwal’s instructions, the complaint stated.
The complainant alleged that after receiving the material, the accused avoided payment and refused to return the gold despite repeated follow-ups. He further claimed that Jitender Agarwal was the “main person and mastermind”, acting in collusion with Naman Agarwal, while Rajesh Agarwal and Mohanlal Agarwal allegedly facilitated the transaction.
Jain also alleged that Naman Agarwal was being sheltered by the others to avoid legal proceedings. The complaint sought registration of an FIR for cheating, criminal breach of trust, dishonest inducement for delivery of property and criminal conspiracy under the Bharatiya Nyaya Sanhita, and recovery of the gold.
