Mumbai Fraud: 39-Year-Old Kandivali Businessman Duped Of ₹43.76 Crore In Gold And Cash In High-Stakes Investment Scam; Police Book 3 Accused

Mumbai: In a shocking case of financial fraud, a businessman has filed a complaint at LT Marg Police Station alleging that he was cheated of gold and cash worth Rs 43.76 crore by three individuals who lured him into an investment scheme.

36.376 Kg Gold & ₹10.51 Crore Invested Between May 2023–March 2024

As per the FIR, the complainant, Pranam Harish Mehta (39), a businessman residing at Kandivali (West), alleged that between May 2023 and March 2024, he and his uncle, Anil Mehta, along with cousin Jay Mehta, invested a total of 36.376 kg of gold and Rs 10.51 crore in cash in Maxis Bullion and Pallav Gold—companies run by accused Ladhulal Kanther, Pallav Kanther, and Shubham Mahavir Kanther.

Accused Claimed Losses in Illegal MCX Dabba Trading

The accused allegedly promised lucrative returns on the investments and initially paid out some profits, gaining the trust of the complainant's family. However, later they claimed that the invested funds and gold had been lost in “MCX dabba trading” (an illegal form of speculative trading considered gambling).

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According to police, the accused misappropriated the entire amount—valued at Rs 43,76,44,176 (including gold and cash)—for their personal benefit under the guise of business losses.

FIR Registered at LT Marg Police Station; Accused Absconding

The LT Marg Police have registered an FIR and initiated further investigation into the case. No arrests have been made so far, and all three accused are currently wanted.