A bullion merchant was allegedly cheated of Rs 2.34 crore after selling 2.14 kg of gold to a person on trust. Pratap Nagar Police have registered a case against Rahul Nareshchandra Khabia alias Jain, a resident of Nalawade Layout, following a complaint from Jayant Vasantrao Palkar (49), a bullion trader from Chhatrapati Sambhaji Nagar square, Trimurti Nagar. According to police, Palkar owns a jewellery shop named Shri Saptashrungi Jewellers. Jain is involved in the maize trading business.

 

He started purchasing gold ornaments from Palkar’s shop and made regular payments and gained Palkar’s trust. However, between February 2024 and March 4, 2025, Jain purchased gold worth Rs 2.34 crore but failed to make payments. Jain issued multiple cheques from AU Small Finance Bank to settle the dues. But, the cheques bounced due to insufficient funds. When Palkar demanded the payment in cash, Jain allegedly refused to pay. Palkar realised the fraud and lodged a complaint with the police. After investigating the case, the police have registered a case of cheating against Jain. The case is currently under investigation, and the police are considering to transfer it to the Economic Offences Wing (EOW) for further inquiry.