Mumbai Jewellery Firm Fraud: Accountant Booked for ₹10 Crore Embezzlement in Zaveri Bazaar

Mumbai- A major financial fraud has come to light in Zaveri Bazaar, where an accountant has been booked for allegedly siphoning over ₹10 crore from a jewellery business by manipulating accounts and diverting funds.

The case was registered following a complaint by the owner of Nine Silver Jewellery, who reported discrepancies in financial records and missing stock. Investigators from the Economic Offences Wing have launched a detailed probe into the matter.

According to officials, the accused, identified as Avish Jain, was initially hired to handle sales and accounts before being given access to the firm’s software systems. Police allege that he used this access to alter transaction records and conceal large-scale misappropriation over time.

The investigation revealed that significant quantities of silver—running into hundreds of kilograms—were unaccounted for, along with multiple suspicious transactions involving business partners and clients. Authorities said funds were allegedly routed to accounts linked to the accused’s relatives and associates.

Police further stated that financial discrepancies were observed in dealings with various entities, with losses amounting to several crores across multiple transactions. The manipulation of digital records made it difficult to detect the fraud initially.

A case has been registered under provisions of the Bharatiya Nyaya Sanhita, including charges of criminal breach of trust and cheating. The accused and his brother are currently under investigation as officials work to trace the diverted funds and recover the losses.

Authorities said further action will depend on the findings of the ongoing probe, which aims to uncover the full extent of the alleged financial fraud.