A prominent jeweller based in Chhatrapati Sambhajinagar, formerly known as Aurangabad, has filed a police complaint against three traders from Rajkot for allegedly cheating him of gold, silver, and copper valued at Rs 2.9 crore.
The City Chowk police station registered a First Information Report (FIR) against Jaideep Zinzuwadiya, Vishal Zinzuwadiya, and Kalpesh Zinzuwadiya following allegations of criminal breach of trust and fraud.
According to the complaint detailed by The Times of India, the victim, Atish Savaiwala, who operates Ankita Jewellers in Kasari Bazaar, had maintained a business relationship with the accused for over ten years.
During this decade, the parties had reportedly engaged in transactions totalling between Rs 7 crore and Rs 8 crore.
The current dispute arose after the accused visited the city on 26 January 2026, offering to manufacture jewellery at a significantly reduced labour charge of 1.5 per cent, claiming they had secured contracts with major corporate entities.
Details of the Alleged Fraud
Lured by the prospect of lower overhead costs, Savaiwala handed over 1,695 grams of gold bullion, 226.11 grams of silver, and approximately 97 grams of copper to the Rajkot-based trio.
The traders reportedly assured the complainant that the finished jewellery would be delivered within a 25-day timeframe.
However, as the deadline passed, the accused allegedly became unresponsive to communication and failed to return the raw materials or provide the manufactured goods.
The situation escalated when Savaiwala travelled to Rajkot to confront the traders. He alleged that the accused initially claimed their workshop employees had stolen the gold.
Upon his attempt to involve local authorities in Gujarat, the complainant stated he was intercepted and threatened by a group of unidentified individuals who warned him against pursuing the matter.
Subsequent telephonic threats were also reported, with the accused allegedly demanding that the jeweller cease his attempts to recover the assets.
Industry Context and Rising Incidents
The case highlights an increasing trend of inter-state commercial disputes and fraudulent activities within the bullion trade. Rajkot, a traditional hub for handmade gold jewellery, has seen a series of similar allegations in recent months.
For instance, The Times of India recently reported on an imposter who defrauded a Rajkot silver trader of Rs 17 lakh by providing counterfeit silver after securing orders under a false business identity.
Furthermore, the regional jewellery sector has been grappling with security and compliance issues. Reports from Gujarat Samachar indicate that a Rajkot jeweller was previously defrauded of Rs 2.56 crore by workers who absconded with gold ornaments. These incidents have prompted industry bodies to call for stricter verification of manufacturing partners and more formalised agreements, especially when dealing with high-value bullion transfers between states.
Legal Proceedings and BNS Application
The City Chowk police have invoked several sections of the Bharatiya Nyaya Sanhita (BNS), which replaced the Indian Penal Code in 2024.
The accused face charges under Section 3(5) for common intention, Section 316(2) regarding criminal breach of trust, and Section 318(4) for cheating and dishonestly inducing the delivery of property.
Investigators are currently examining the financial trail and previous transaction records between Ankita Jewellers and the Zinzuwadiya family.
The police have indicated that they will coordinate with their counterparts in Rajkot to locate the accused and recover the missing bullion.
Local jewellery associations in Kasari Bazaar have expressed concern over the incident, noting that the misuse of long-standing trust can severely impact the informal credit and manufacturing cycles that sustain the regional market.
