Two brokers accused of selling Rs 21.61 lakh of gold jewellery and keeping the money in Nagpur's Itwari

A case of fraud involving gold jewellery has come to light in Nagpur's Itwari bullion market. A jeweller alleges that two jewellery brokers took 132 grams of gold ornaments from him on the pretext of showing them to customers, sold them and kept the money. The ornaments are valued at Rs 21,61,976, or about Rs 21.61 lakh.

The brokers allegedly sold the ornaments but did not pass the proceeds to the jeweller. Despite repeated demands over several months, the accused did not return the money. Finally, out of frustration, the businessman approached the police.

The case relates to Shahid Chowk in Itwari's bullion market, which falls under the Tehsil police station area.

The complainant, Uttam Phoolchand Kashyap, is 63 years old and lives at Darodkar Chowk in the CA Road area. He runs Gulabchand Sahebalal Jewellers, a family shop that has been in business for about 63 years.

According to the complaint, the accused have been identified as Prasanna Praful Saraf and Praful Premchand Saraf. Both live in the Nikalas Mandir compound in Lakadganj.

Business in the Itwari bullion market traditionally runs through a network of brokers and small traders. They take ornaments from established jewellers and show them to prospective customers. Payment is generally made only after the ornaments are sold.

Police suspect the two brokers exploited this arrangement and the trust attached to it. They are said to have taken 132 grams of pure gold ornaments from Kashyap, saying they would show them to customers.

The transaction is recorded in the shop's memo register, which is said to carry the signatures of both brokers. The entry is believed to be key evidence that will establish the transaction and show the circumstances in which the ornaments were handed over.

It is alleged that the ornaments were later sold, but instead of paying Kashyap, the accused kept the money for their personal use.

The jeweller is said to have waited several months and asked for the money repeatedly. When it still did not come, he filed a complaint with the police.

The case has raised concern over the misuse of informal business arrangements in a market where transactions often rest on long-standing business relationships and mutual trust.

Tehsil police are investigating. They are trying to establish the sequence of events, verify the allegations and determine the role of the accused. No further information was available for now on any recovery of the ornaments or the sale proceeds.