Shri Saptashrungi Jewellers Falls Victim to ₹2.34 Crore Fraud in Nagpur
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Nagpur, India: A jeweller in Nagpur has allegedly been defrauded of ₹2.34 crore after a businessman purchased gold jewellery on credit and failed to pay. The Pratapnagar Police have registered a case and begun an investigation.
According to the complaint, Jayant Vasantrao Palkar, 49, the owner of Shri Saptashrungi Jewellers in Pratapnagar, was deceived by the accused, Rahul Kumar Nareshchandra Khabiya alias Jain, who lived in a rented house in Nalawade Layout, near Padole Hospital.
Khabiya initially gained Palkar’s trust by purchasing small amounts of gold jewellery with cash. However, between 1 February 2024 and 4 March 2025, he increased his purchases and acquired 2 kg and 148 grams of gold jewellery. To settle the amount, he issued a ₹1.5 crore cheque from AU Small Finance Bank, which he later stopped.
When confronted, he gave another cheque, which also bounced. Despite multiple reminders, he refused to clear the dues.
Based on Palkar’s complaint, Assistant Police Inspector Dandale has registered a case against Khabiya under Section 420 of the Indian Penal Code (IPC) for cheating.
The Pratapnagar Police are investigating the matter, and further action is expected soon.
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