The Ghatlodia police arrested Nikesh Shah, owner of Ratnakar Jewellers in Shastrinagar, for allegedly cheating investors out of Rs 1.43 crore. Shah reportedly lured customers by offering attractive investment schemes in gold and silver, promising returns higher than those offered by banks. He encouraged people to invest in precious metals, assuring them of handsome profits as prices rose.
One complainant, Priyank Patel, an assistant bank manager from Naranpura, said he initially bought gold and silver ornaments from Ratnakar Jewellers. Later, Shah persuaded him to invest Rs 15 lakh in gold and silver, promising lucrative returns when prices increased. However, Shah paid Patel only Rs 25 lakh despite multiple follow-ups.
When Patel visited the shop seeking answers, he found a crowd of aggrieved investors. Shortly after, the shop was locked and Shah fled. Investigations revealed Shah had defrauded at least 16 people. Police registered cases for cheating, criminal breach of trust, and fraud. Shah, a resident of Shukan Homes in New Ranip, was tracked down and arrested by Ghatlodia police.
