Jeweller firm’s Lucknow branch head held for Rs 25cr gold fraud

Lucknow: Almost a year after registering a case, Chowk police on Wednesday arrested a Lucknow branch head of a Bengaluru-based jewellery company for allegedly embezzling 18.5 kg of gold ornaments worth over Rs 25 crore in connivance with traders.

ACP Rajkumar Singh said the accused-- Kamal Singh (42) of Balaganj -- had been evading arrest for months.

“He had systematically siphoned gold ornaments through manipulation of transactions and coordination with traders. He was produced before a court and sent for judicial proceedings,” the ACP added.

Kamal was arrested near the Ring Road while attempting to flee, said Chowk station house Nagesh Upadhyay.

The case dates to Dec 2024, when a complaint was filed by Umesh Kumar, general manager of Manappuram Jewellers Limited’s manufacturing unit in Bengaluru.

“The complaint alleged that Singh, branch head of the firm in Lucknow having a unit near Gol Darwaza had misappropriated 22-carat gold jewellery weighing 18.5Kg by colluding with retail and wholesale traders over a period of 4-5 years,” the SHO informed. He added, Kamal would steal a small amount of gold, which customers would pledge for collateral, every month.

Based on the complaint, an FIR was registered at Chowk police station. Police said further investigation is underway to identify others involved in the racket and to recover the misappropriated gold.