A 41-year-old bullion trader here has been been arrested for allegedly cheating his business partner of Rs 7 crore by fudging accounts, the police said on Saturday.
Rajeshkumar Munot, the accused, is a partner in Dev Bullion, a firm operating from Zaveri Bazar, the hub of bullion trade in south Mumbai, the police said.
As per the complaint filed by Rajkumar Gupta, his partner, at LT Marg police station, the firm supplies gold bars to jewelers.
Munot, who handled the accounts as well as actual delivery of gold bars had five per cent stake in the business.
Some customers recently complained to Gupta that they had not got delivery of gold bars for which they had made a full payment.
On checking account books, Gupta found that Rs 7 crore received for 23 kg of gold bars had been siphoned off, the police said.
Munot was arrested on Friday night and further probe was underway, they added.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app