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Updated : Mar 24, 2014, 09:44 AM IST
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The LT Marg police recently arrested a 25-year-old youth in a case of cheating and misappropriation of gold ornaments worth Rs1.25 crore. The accused person is in police custody till Friday.
The arrested person has been identified as Vikaskumar Gemavat.
According to the police, Kadam & Kadam Associates, which is situated on the fourth floor of the Mumbadevi Chambers building at Zaveri Bazaar, deals in ornaments. The company sells ornaments to jewellers in Thane, Dombivli and Sangli. The company has 24 employees, including Gemavat.
"Gemavat was entrusted with the responsibility of selling ornaments in other parts of Maharashtra. He was one of the trusted employees of the company. Earlier this year, the company had given him ornaments to sell in Pune, Latur and Sangli and he had not deposited the money earned from those dealings in the company's bank account," said an officer from LT Marg police station.
He added that after Gemavat stopped reporting to work, the company officials lodged a complaint against him for misappropriation and cheating. "Gemavat was apprehended from his Bhayander residence by a police team. He is alleged to have sold the ornaments to jewellers from Bengaluru and have pocketed the money," the officer said.
