Pune Jeweller Cheated of ₹3.27 Crore; Three Arrested, One Suspect Still at Large

Pune jeweller cheated of ₹3.27 crore in elaborate fraud; police arrest three suspects and hunt for the fourth as investigation intensifies.

Pune,January 30, 2026: A significant financial fraud has shaken Pune’s jeweller community after a prominent jeweller was allegedly cheated of valuables and payments totalling ₹3.27 crore in a sophisticated deal that quickly turned into deception and default, with police arresting three suspects while a fourth remains at large. The complainant, a 55-year-old jeweller from Mukundnagar who operates a well-known jewellery business, alleged that the accused — claiming to represent two jewellery establishments — approached him with a promising business proposition, building trust before requesting access to his stock of precious metals for processing into finished ornaments. Believing the deal to be legitimate, the jeweller handed over around 60 kilograms of silver and other prized assets along with gold bullion and processed payments through RTGS, based on assurances that the finished jewellery would be delivered within a few days.

Investigators said that after receiving the bullion and the substantial payment amount, the accused stopped responding to calls and messages, leaving the jeweller unable to contact them or retrieve his assets. Further inquiry by the police revealed that the complainant’s associates had also been misled under similar pretences, indicating that the scheme may have been carefully orchestrated to defraud multiple people connected to the jeweller’s network. Police have identified four suspects in the case, all reportedly residents of a central district neighbourhood known for its commercial activity: a man identified by an alias believed to be associated with the group, and three others sharing a common surname, suggesting possible familial or business links. Following the complaint, law enforcement officers detained three of the suspects in connection with the fraud, and a coordinated hunt has been launched nationwide for the fourth individual who remains unaccounted for.

Authorities have registered a formal case at the local police station under relevant provisions of the criminal code dealing with cheating and criminal breach of trust, signalling the seriousness of the alleged financial misconduct. Investigating teams are now working to trace the missing money, locate the untraced suspect and determine whether any of the siphoned assets can be recovered and returned to their rightful owner. Officials have also indicated that they will analyse transaction records, communications and accomplice involvement to uncover the full extent of the fraud and determine whether additional charges, such as conspiracy or organised financial crime allegations, are warranted as the probe continues.

The fallout from this case has reverberated across the city’s commercial circles, with jewellers warning peers about the risks of dealing with unfamiliar buyers and stressing the importance of contractual safeguards, background checks and verified payment confirmations before releasing high-value inventory. Business owners in Pune, where jewellery trade remains a cornerstone of the retail ecosystem and a livelihood for many families, say that incidents like this can have a chilling effect on trust between suppliers, craftsmen, traders and buyers unless robust prevention mechanisms and legal protections are in place.

Local crime analysts also emphasise that frauds of this nature, which often combine personal rapport with calculated deception, pose significant challenges for both victims and investigators, requiring timely action, inter-agency cooperation and public awareness to reduce their occurrence. As police intensify efforts to apprehend the remaining suspect and recover the lost assets, the case underscores the need for vigilance in commercial transactions involving high-value commodities and serves as a cautionary tale for traders across the region.

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