Jeweller Sentenced for Massive Gold Investment Fraud in Thane

A jeweller in Thane, Maharashtra, was sentenced to seven years in prison for defrauding investors of over Rs 2.5 crore through a gold investment scheme. The court found Santosh Sadanand Shelar guilty, while acquitting two others. The case highlighted fraudulent practices under the MPID Act and Indian Penal Code.

A significant legal ruling unfolded in Maharashtra's Thane district as a jeweller received a seven-year sentence for orchestrating an investment fraud that duped investors out of more than Rs 2.5 crore. The court, under the Maharashtra Protection of Interest of Depositors (MPID) Act, found Santosh Sadanand Shelar, the proprietor of Trimurti Ratna Jewellers, guilty of misappropriating funds meant for gold investment returns.

Judge G T Pawar's decision also saw the acquittal of two others related to the case, as the prosecution could not establish their involvement in the fraudulent management. Shelar's responsibilities as the owner made him directly accountable for the financial deception and mismanagement of investor funds classified as deposits.

The court's proceedings underscored Shelar's breach of trust, reflecting on the complaints lodged by victims since 2019. The judge imposed concurrent sentences under the MPID Act and the Indian Penal Code, with Shelar fined Rs 6 lakh in total. This case marks a pivotal moment in addressing fraudulent investment schemes targeting the public.

(With inputs from agencies.)