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A sugar merchant has filed a complaint against the owner of a jewellery shop, alleging a fraud of Rs 50 lakh under the pretext of an investment in their jewelry firm in return for diamond jewelry. Devendra Vinodchandra Shah, 49, a resident of Parvati Darshan, Pune, filed the complaint at Kothrud Police Station against the owners, both residents of Karve Nagar, Pune. An FIR has been registered under sections 420, 406, and 34 of the Indian Penal Code (IPC).According to police, Shah was introduced to accused in 2010 through a mutual friend. In 2017, He informed Shah about a diamond jewelry scheme. Shah decided to invest in the scheme in 2018 and arranged a meeting at Jewelers' shop in Kothrud, Pune. He showed Shah various diamond stones and educated him about different types of diamonds, gaining his trust by offering attractive returns on investment within a year. Shah transferred Rs 35 lakh to the accused via RTGS on January 5, 2018.The jewellers shop promised to buy a diamond necklace and four bangles against the investment, formalizing the agreement on stamp paper. He asserted his expertise in buying and selling diamonds, guaranteeing no cheating and a return of the invested amount if the deal did not materialize. The accused then requested an additional investment, citing a decrease in diamond prices. Shah invested another Rs 25 lakh on April 4, 2018. After nearly a year and a half, when Shah asked for the diamond jewelry, the accused cited the COVID-19 pandemic as a delay. Following persistent follow-ups, he transferred Rs 10 lakh back to Shah in February 2021. Subsequently, he refused to return the remaining money or provide the diamond jewelry. Shah approached the police, leading to the filing of the complaint against the jewellery shop owners. Police Sub Inspector Chaitanya Katkar of Kothrud Police Station is conducting further investigation.

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Pune :Pune Jeweler Accused of Defrauding Sugar Merchant of Rs 50 Lakh with Fake Diamond Investment Scheme

A sugar merchant has filed a complaint against the owner of a jewellery shop, alleging a fraud of Rs ... ...