Tilaknagar Police have arrested Hafiz Abdul Salam Syed and Tushar Bharat Gaikwad for allegedly cheating a 63-year-old woman, Aziza Abdullah Sharif, out of gold ornaments worth over Rs40 lakh. The accused failed to return the ornaments even after partial repayment of a loan.
According to the FIR, the complainant, a resident of Nehrunagar, had between 2021 and 2024 mortgaged 44.5 tolas of gold with the accused, who operated under the name Janhit Foundation. In return, she received a loan of Rs7 lakh. While 6.5 tolas were returned, the remaining gold was never recovered.
Investigators revealed that the gold was mortgaged with CSB Bank for Rs13 lakh, and later redeemed through a chain of jewellers and agents, including:
Jai Singh alias Mrityunjay Singh
Manoj Bhanushali
Vijay Verma
Chirag of Mangalamani Jewellers, Navi Mumbai
Chirag reportedly paid Rs14 lakh in cash to the bank, retrieved the gold, and returned it to the accused, along with Rs22,000 allegedly given to Tushar Gaikwad.
The probe uncovered that the money trail was intentionally obscured. Syed allegedly transferred Rs13 lakh via RTGS to an ICICI Bank account held by his wife, while Rs7 lakh was sent to the complainant’s daughter’s account to make it appear as a partial repayment.
Police are now investigating the wider network of jewellers and agents involved and are working to recover the remaining gold or its monetary value.
