Two unidentified men successfully duped a gold trader in Ahmedabad using counterfeit ₹500 currency notes. Instead of featuring the image of Mahatma Gandhi, the fake notes displayed the likeness of Bollywood actor Anupam Kher, raising concerns about the sophistication of the forgery.
The Deceptive Deal
The incident unfolded when Bharat Joshi, an employee of bullion trader Mehul Thakkar, was approached by the two fraudsters who arranged a deal for 2,100 grams of gold valued at approximately ₹1.6 crore. A police officer from the Navrangpura police station explained that the two men handed over ₹1.3 crore in counterfeit currency to Joshi as part of the transaction. “The men promised to return with the remaining ₹30 lakh but vanished with the gold before Joshi realized the notes were fake,” the officer stated.
Upon discovering the deception, Thakkar promptly filed a complaint at the Navrangpura police station on September 24, initiating a police investigation into the matter.
Business Relationship Leads to Fraud
Thakkar had agreed to sell the gold after receiving a call from Prashant Patel, a manager at a jewelry shop and a long-time business associate. The officer provided additional context, stating, “Thakkar agreed to deliver the gold. Patel informed Thakkar that the buyer could not transfer the full amount immediately through RTGS and would instead provide ₹1.3 crore in cash, promising to transfer the remaining ₹30 lakh the next day.”
This longstanding relationship may have lent credibility to the deal, making Thakkar more susceptible to the scheme.
The Setup and Execution
On the day of the transaction, September 24, Joshi was instructed to deliver the gold to an office in Navrangpura that had been set up just two days prior. The two men presented Joshi with 26 bundles of ₹500 notes, totaling ₹1.3 crore, and requested that he count the cash using a machine. “While they stepped out to fetch the remaining ₹30 lakh, Joshi handed over the 2,100 grams of gold. When he started counting the cash, he discovered the notes were fake, with Kher’s photo instead of Gandhi’s,” the police officer reported. By that time, the fraudsters had already vanished with the gold.
Ongoing Investigation
Authorities have launched an investigation, focusing on CCTV footage to identify and track down the suspects. The fraudulent scheme has raised alarms within the bullion trading community, emphasizing the importance of vigilance and due diligence in financial transactions.
As police continue their efforts to apprehend the culprits, this incident serves as a cautionary tale for traders, highlighting the risks associated with counterfeit currency and the need for enhanced security measures during high-value transactions.
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