HYDERABAD: The Central Crime Station (CCS) police, Hyderabad, have registered a case against six persons for allegedly cheating a jewellery businessman and his associates by misappropriating 13.6 kg of gold ornaments worth about Rs 20.59 crore.
The complainant, Sudhir Agarwal, 50, stated that in 2024 he and his associates came in contact with Nitin Gulabani, who was running KV Jewellers and Nitin Jewellers in Somajiguda. Gulabani allegedly projected himself as a reputed jewellery merchant with extensive business dealings with leading jewellery chains such as Malabar Gold & Diamonds and Kalyan Jewellers.
He reportedly requested the complainant and his associates to supply gold ornaments regularly for retail sales.
According to Sudhir, it is a well-established practice in the jewellery trade for manufacturers and wholesalers to entrust gold ornaments to jewellery merchants for sale, with the understanding that the merchant will either remit the sale proceeds or return an equivalent quantity of gold or the unsold ornaments, as mutually agreed.
Trusting Gulabani’s assurances and representations, the complainant and his associates entrusted substantial quantities of gold ornaments to him from time to time.
Initially, Gulabani honoured the terms of the arrangement, thereby gaining the confidence of the complainant and his associates and inducing them to continue supplying larger quantities of gold ornaments. Between April 2025 and the first week of June 2026, acting on his repeated assurances, Sudhir and his associates allegedly entrusted 20.59 kg of gold ornaments to Gulabani.