Investors In Gujarat Allegedly Duped By Century-Old Jewellery Family For Rs 30 Crore

At least 56 investors from Dholka near Ahmedabad allegedly lost close to Rs. 30 crore after putting their money into a physical silver investment scheme run by a fourth-generation jewellery family. Investigators described the operation as a bold Ponzi scheme that traded on the family's century-old business lineage and local credibility to lure victims.

The accused family members allegedly offered attractive, fixed monthly returns per kilogram of silver, regardless of market movements. To build trust, initial payouts were made on time, prompting investors to pour in larger amounts. Shortly before Diwali, the accused opened a plush new showroom and bought a luxury vehicle, but soon after, silver deliveries slowed and eventually stopped.

In the final week of December, the accused family members allegedly disappeared by shutting down their establishments, switching off their mobile phones, and abandoning their residence. Police registered an FIR for cheating, criminal breach of trust, and allied offences, and are actively reaching out to uncover the full scale of the alleged fraud.

Not yet reported: The articles do not mention any arrests of the accused individuals or details regarding any court proceedings beyond the registration of the FIR.