Thane Crime Branch Apprehends Suspect in Multi-Crore Gold Fraud Scheme
The Thane Crime Branch has made a significant breakthrough by arresting a 46-year-old man accused of orchestrating a sophisticated fraud targeting jewellers and customers, involving gold valued at several crores. This arrest marks a crucial step in addressing a series of high-value thefts that have shaken the local jewellery trade.
Details of the Arrest and Recovery
According to police reports, the accused, identified as Jivaram Vardhaji Chaudhary, a resident of Jambhli Naka in Thane with origins in Rajasthan, had been evading authorities since October 2025. He was apprehended on March 23, 2026, following a well-coordinated trap near Ghodbunder Road, based on actionable intelligence. During the operation, law enforcement recovered gold bars with an estimated value of approximately ₹3 crore, alongside ₹17.50 lakh in cash. However, insider sources have indicated that this recovery might only represent a portion of the total stolen assets, raising questions about the full scope of the fraud.
Modus Operandi and Investigation Insights
Investigators revealed that Chaudhary specifically targeted prominent jewellers in Thane and Bhiwandi during the Diwali season, a peak period for gold transactions. By offering high-quality gold at attractive rates, he successfully built trust with traders before executing his fraudulent schemes. Two formal cases were registered against him at the Thane Nagar Police Station under the provisions of the Bharatiya Nyaya Sanhita, 2023, following complaints from affected business owners. There are ongoing suspicions that the actual quantity of siphoned gold exceeds the amounts currently reported in official documents.
Police Pursuit and Asset Recovery Efforts
Police teams conducted an extensive manhunt across multiple states as Chaudhary frequently changed locations to avoid capture. After his arrest, he was held in police custody until April 2, during which sustained interrogation led authorities to Pali in Rajasthan. It was there that the stolen assets were allegedly concealed. The recovered property includes gold bars weighing a total of 1,957.79 grams, valued at around ₹2.30 crore, in addition to the ₹17.50 lakh in cash. Despite these recoveries, concerns persist among sources that the complete extent of the stolen gold and the subsequent recovery process may not have been fully disclosed, suggesting potential gaps in the investigation.
Broader Implications and Community Impact
This case highlights vulnerabilities in the jewellery sector during festive seasons and underscores the need for enhanced vigilance among traders. The arrest serves as a warning to potential fraudsters while reassuring the public of police efforts to combat economic crimes. As the investigation continues, authorities are likely to delve deeper into the network and methods used in this scam, aiming to ensure justice for all victims involved.
