A Goldsmith's Betrayal: Chandigarh Jeweller Accused in Rs 11 Crore Gold Trading Scam

Imagine placing your trust, and a substantial sum of money – we’re talking Rs 11 crore here – into the hands of someone you consider a reputable business associate, only to have it vanish into thin air. That's precisely the harrowing situation a Mohali businessman, Vivek Singla, alleges he’s found himself in, leading to a police case against a well-known Chandigarh jeweller, Amit Garg, owner of Shri Gopal Jewellers in Sector 22.

The story, which has quickly become a serious legal matter, centres around an alleged gold trading scheme that, on the surface, promised attractive returns. According to Singla’s complaint, he was introduced to Garg sometime last year. The proposition was alluring: invest in gold through Garg, who claimed to be able to procure it at a discounted rate, thereby promising a healthy profit margin for Singla's firm, V S Traders, located in Phase 5, Mohali.

Initially, things seemed to run smoothly, which is often how these sophisticated schemes begin, isn't it? Singla claims he made several payments to Garg, and for a period, received gold or the promised returns as agreed. This established a critical layer of trust, paving the way for larger investments. From October 2023 to February 2024, the total amount transferred by Singla to Garg's accounts purportedly reached a staggering Rs 11 crore.

However, the facade eventually crumbled. The initial smooth sailing soon hit choppy waters. Singla's complaint details how, after accumulating such a significant sum, Garg began to renege on his commitments. The promised gold deliveries stopped, and the financial returns dried up. When confronted, Garg allegedly started offering a myriad of excuses, citing issues like a fire at his shop or difficulties in procuring the metal. One can only imagine the growing dread and unease Singla must have felt as the excuses mounted and his colossal investment remained unfulfilled.

The realization that he might have been duped dawned on Singla, prompting him to take formal action. He officially lodged a complaint with the Chandigarh Police, leading to an FIR being registered on March 15 at the Sector 17 police station. The charges against Amit Garg are severe: sections 406 (criminal breach of trust), 420 (cheating), and 120-B (criminal conspiracy) of the Indian Penal Code have been invoked, reflecting the gravity of the allegations.

This incident serves as a stark reminder of the risks involved in seemingly lucrative investment schemes, especially when they involve large sums and trusted acquaintances. While the investigation is now underway, the case underscores the importance of due diligence and vigilance, even when dealing with established businesses. For Vivek Singla, the legal battle has just begun, as he seeks justice and the recovery of his substantial losses from what he describes as a profound betrayal.