Hyderabad: A city-based jewellery trader has been booked by the Central Crime Station (CCS) after a Hyderabad jeweller and three of his business associates alleged that he fraudulently retained gold ornaments worth ₹20.59 crore that had been supplied to him for retail sale. A case was registered against the accused on June 20 and came to light on Tuesday.According to a complaint filed by Sudhir Agarwal of Navya Gems & Jewels, he and his associates—Neeraj Agarwal of Shree Siddhi Vinayak Jewellers, Ganesh Lal of Shree Bansilal Jewellers, and Rakesh Agarwal of Shyambala Jewellers —had business dealings with Nitin Gulabani, who operated KV Jewellers and Nitin Jewellers in Somajiguda.The complainants alleged that between April 2025 and the first week of June 2026, they supplied Gulabani with about 13.6 kg of gold ornaments for sale. The consignments included 3 kg worth ₹4.50 crore supplied by Sudhir Agarwal, 5.1 kg worth ₹7.50 crore supplied by Neeraj Agarwal, 2.5 kg worth ₹4.03 crore supplied by Ganesh Lal, and 2.9 kg worth ₹4.56 crore supplied by Rakesh Agarwal.According to the FIR, Gulabani initially made payments via RTGS transfers or by adjusting the equivalent amount of gold. He also issued cheques drawn on different banks as security. However, he allegedly failed to either return the gold ornaments or make payments for the supplied stock.“Whenever my associates and I approached him regarding settlement of accounts, he gave us false assurances of repayment,” the complainant alleged.The complainants further stated that Gulabani, along with his wife Divya Gulabani, brother Vipin Gulabani, staff members Harish and Dhanraj, and several others, absconded after switching off their mobile phones.The CCS has registered a case under Sections 316(5) and 61(2) of the Bharatiya Nyaya Sanhita (BNS). Further investigation is underway.
