L T Marg police have arrested Dilip Sampatraj Jain (44), a resident of Bhiwandi, in connection with a massive jewellery fraud involving over Rs 3 crore worth of gold ornaments weighing approximately 30.275 kg. The arrest took place on August 5 following a complaint by prominent businessman Nikesh Kishor Shah (44), owner of Ambika Gold in Kalbadevi.
According to the FIR, Shah had entrusted Jain, who worked with him, with a large consignment of gold jewellery during 2024–2025 to distribute among traders in Andhra Pradesh and Telangana. However, Jain allegedly misused the ornaments for personal gain and failed to return them.
After Shah filed a formal complaint, the police, with approval from the Zone 2 DCP office, registered the case and initiated an investigation. Jain was charged with cheating and criminal breach of trust and sent to police custody until August 11. His record showed no prior criminal history.
Investigating officer Sachin Shelke and senior officials visited the crime scene as part of ongoing investigations. Authorities are working to recover the stolen jewellery and determine if any of it was sold or pledged. The probe is ongoing.
