The LT Marg police have arrested three businessmen, including a chartered accountant who recently returned from Dubai, for allegedly cheating a Mumbai-based bullion firm of over Rs43.76 crore through a fraudulent gold investment and dabba trading operation.
The arrested individuals have been identified as Ladulal Harakchand Kanther (54), his son Pallav Ladulal Kanther (27), and chartered accountant Anil Kumar Jagetia. Police say the trio lured investors into putting gold and cash into what was claimed to be a legitimate high-return investment in gold shares and commodities. Instead, the money and gold were misappropriated and used in illegal stock market and commodity trading, both in India and Dubai.
The complainant’s family operates PFive Bullions Pvt. Ltd., a respected gold trading business in Mumbai’s Zaveri Bazaar. In early 2023, the complainant’s uncle, Anil Mehta, was introduced to the accused by CA Anil Jagetia, who vouched for the credibility of Maxis Bullion and Pallav Gold, firms controlled by the Kanther family.
Initially, the accused returned Rs2.22 crore to the investors with prompt profits, building trust. Over the next 10 months (May 2023 to March 2024), the family invested 36.376 kg of gold and Rs10.51 crore in cash, totaling Rs43.76 crore.
However, when they sought returns, the accused cited business losses due to gold price volatility. In a mediated meeting, the accused admitted that the funds had been lost in dabba trading on India’s MCX platform and Dubai’s COMEX market, both illegal trading avenues.
They agreed to repay Rs33.25 crore and issued over 100 cheques, all of which bounced. During interrogation, the accused claimed that CA Anil Jagetia diverted a significant portion of the investment into speculative trades, worsening the losses.
All three men were arrested in Mumbai; Anil Jagetia was apprehended after arriving from Dubai.
A fourth accused, Shubham Mahavir Kanther, is currently wanted and remains at large.
Police have booked the accused under charges of cheating, criminal breach of trust, and forgery.
Further investigation is underway to trace the remaining assets and identify additional victims or associates.
