One held: Gold and diamonds worth Rs one cr recovered
Andhra Pradesh

One held: Gold and diamonds worth Rs one cr recovered

Agency News

Hyderabad, Feb 4 : The city police have arrested an employee of jewelry shop and recovered gold ornaments weighing about 3 kgs and 20 Carat Diamonds, all worth Rs one crore from his possession.

On credible information, Banjara Hills police apprehended Ghodawath Vivek Jain (29), a sale executive in M/s Rysun Jewels, Banjara Hills for the offence, police said on Monday.

A complaint was lodged by Anoop Kumar, the owner of Rysun Jewels on January 26 and stated that Vivek has misappropriated gold and diamond jewellery weighing about 4 kgs, worth Rs 3 crore by submitting fake bills as if he delivered in different shops and asked to take necessary action against him.

The modus operandi was that the accused gained the trust of his owner Anoop by dumping the gold and diamond jewelry in different showrooms on credit as they give about two months credit to the customers. As the accused felt that the owner has trusted him and was not checking with the showroom owners about the receiving of the stock, he created fake bills as if he had delivered gold and diamond ornaments to different showrooms and instead of delivering the gold and diamond ornaments to them, he misappropriated them and mortgaged about one kg gold at Manapuram Finance at new Malakpet branch for Rs 16 lakh and used the money to clear his old loans and spend lavishly.

He gave about 130 carats of diamonds to his father and one kg of gold ornaments to his brother Vijyendra Jain and also got melted some gold ornaments and kept some gold and diamond ornaments with him at his house for later disposal.

The accused was preciously arrested in various cheating cases at different police stations, police added. (UNI)