LT Marg police have arrested sales executive Dilip Sampatraj Jain (44) and his brother Vikram Sampatraj Jain (44) for allegedly misappropriating 3.5 kg of gold jewellery worth Rs3 crore from their employer, Shri Ambika Gold, a wholesale mangalsutra trader in Kalbadevi, Mumbai. Both were produced before the court and remanded to police custody.
The complaint alleges a systematic fraud between April 2024 and March 2025. Dilip, employed as a salesman, was responsible for supplying jewellery to traders in Andhra Pradesh and Telangana, returning payments via cash or bank transfers.
An audit in March 2025 revealed a shortage of over 3 kg of gold. When confronted, Dilip allegedly claimed the jewellery had been sold and bills would follow, but inquiries with traders confirmed no such transactions occurred. Investigations revealed that Dilip had misappropriated the stock and transferred large sums to his brother Vikram’s account.
Police recovered 1.5 kg of 18-karat gold during the probe. Investigators allege the brothers diverted business funds for personal gain, highlighting the risk of internal fraud in wholesale jewellery operations.
