THANE: A 46-year-old gold ornament designer, who allegedly duped over 20 jewellers of around 2 kg of gold bars and cash after incurring heavy losses in MCX gold futures trading, has been arrested by the Thane Crime Branch from Rajasthan, police said.
The accused, identified as Jeewaram Wardhaji Chaudhari, had been absconding since October last year. He was apprehended last week from Rajasthan after a prolonged search operation.
Chaudhari had been in the business of designing and manufacturing gold ornaments for over two decades and had built a strong reputation among jewellers in Thane and Bhiwandi. He operated a design unit near Naupada police station in Thane and employed 15–20 workers.
According to police officials, retail and wholesale jewellers regularly entrusted him with gold bars for manufacturing jewellery, owing to his credibility and timely delivery of orders.
However, officials said Chaudhari was introduced to gold futures trading on the Multi Commodity Exchange (MCX) in recent years. While he initially earned profits, he suffered significant losses in September and October 2025.
Around Diwali, he received multiple orders from 15–20 jewellers. Instead of delivering the finished ornaments, he allegedly fled with gold bars and cash worth ₹17.50 lakh in an attempt to recover his trading losses.
After he became untraceable, affected jewellers approached the Thane city police and filed complaints in October 2025. Two FIRs were registered under relevant sections of the Bharatiya Nyaya Sanhita.
Police teams initially searched for him across Maharashtra, Gujarat and Rajasthan, but he evaded arrest by frequently changing locations.
Sachin Gaikwad, senior police inspector of Crime Branch Unit 1, said, “We received specific information that Chaudhari would attend his nephew’s wedding in Pali, Rajasthan, on March 23. A team laid a trap and apprehended him.”
Police said they recovered around 2 kg of gold and cash from his possession.
Officials added that Chaudhari had been moving between Surat, Udaipur and Pali to avoid arrest. Further investigation is underway to ascertain whether more jewellers were cheated.