Employee Arrested in Mumbai for Rs 5.72 Crore Gold Coin Fraud Scheme Using Forged Documents

The accused misappropriated 7 kilograms of gold coins. (File)

Mumbai:

Police officials in Mumbai have arrested a man for allegedly defrauding his employer of gold coins valued at Rs 5.72 crore by utilizing counterfeit purchase orders and documentation, according to a statement released Saturday.

The Vanrai police station revealed that the suspect, identified as Sunil Gupta, was apprehended on Wednesday.

"Gupta was employed at a corporate gift items manufacturing company for two years and had been authorized to manage financial transactions. He had complete access to the company's email accounts and other systems. He informed his employer, complainant Naresh Jain, that a pharmaceutical corporation had placed an order for gold coins intended as corporate gifts," explained the official.

"Based on this information, Jain procured 3.4 kilograms of gold worth Rs 2.46 crore, which was then entrusted to Gupta for delivery. Gupta subsequently presented documentation, including a stamped and signed tax invoice, as proof of delivery. He then claimed the pharmaceutical company had submitted a second order, prompting Jain to dispatch an additional 3.6 kilograms of gold coins valued at Rs 3.17 crore," the official continued.

When questioned about the non-payment from the pharmaceutical company, Gupta admitted that he had not delivered the gold coins but had instead diverted them for personal use.

"He acknowledged creating fraudulent invoices and forged documents, assuring Jain that he would reimburse the amount once his financial difficulties were resolved. Jain also discovered that the pharmaceutical company had never placed any orders. He subsequently filed a complaint with the Vanrai police, resulting in Gupta's arrest," the official disclosed.