LT Marg police have arrested three businessmen, including a chartered accountant who recently arrived from Dubai, in connection with a massive gold investment scam totaling nearly Rs44 crore. The accused allegedly cheated investors by promising profits through shares and engaging in illegal dabba trading (unregulated commodity and stock trading).
The accused are Ladulad Kanthare (54), his son Pallav Kanthare (27), and Anilkumar Jagetia, the chartered accountant. They allegedly duped a bullion firm in Mumbai’s Zaveri Bazaar by enticing them to invest gold and cash, then misappropriating the assets through illegal trading in commodity exchanges.
The complainant runs PFive Bullions Pvt Ltd, a gold trading business in Zaveri Bazaar, Mumbai. In early 2023, the complainant’s uncle, Anil Mehta, was introduced to the accused by Jagetia. The accused operated businesses under the names Maxis Bullion and Pallav Gold.
Initially, the accused gained the family’s trust by returning Rs2.22 crore with profits on time. From May 2023 to March 2024, the complainants invested 36.37 kg of gold and Rs10.51 crore in cash, valuing Rs43.76 crore overall.
When repayment was demanded, the accused blamed fluctuations in gold prices and admitted to losing the funds in MCX and dabba trading in India, as well as COMEX dabba trading in Dubai. They signed an agreement to repay Rs33.25 crore and issued over 100 cheques, but most bounced.
During interrogation, the accused implicated Jagetia, claiming he diverted company funds into gambling trades. Police continue to investigate the scam and trace the missing funds.
