At least 56 investors from Dholka, near Ahmedabad, have reportedly lost close to Rs. 30 crore after placing their money with a well-known jewellery family whose business lineage spans nearly a century. What initially appeared to be a trustworthy, traditional enterprise has now come under the scanner as police describe the case as one of Gujarat’s boldest Ponzi schemes.
According to investigators, the fraud revolved around investments in physical silver, promoted by members of a fourth-generation jewellery family.
The accused — Ghanshyam Soni and his sons, Yash and Deep — are alleged to have disappeared in the final week of December, shutting down their establishments, switching off their mobile phones, and leaving investors without any means of contact, according to media reports.
Ahmedabad Rural Superintendent of Police Omprakash Jat told media that the accused leveraged the credibility of their long-established jewellery business to win investor confidence before rolling out an unusually lucrative silver investment plan.
“This is a rare instance in Gujarat where physical silver was used as the basis for an investment scam,” Jat said. “Victims were offered attractive and consistent returns. Initial payouts were deliberately made on time to encourage reinvestment and larger contributions.”
The Dholka town police have registered a first information report (FIR) under sections related to cheating, criminal breach of trust, and allied offences. Initially, 16 investors approached the police, claiming they had collectively been defrauded of Rs. 6.4 crore, which was purportedly pooled to purchase silver and manufacture jewellery.
However, as the investigation progressed, multiple police teams uncovered a much wider network of victims. Officials now estimate that around 40 additional investors were similarly duped, taking the total alleged fraud amount to nearly Rs. 30 crore — a figure that could rise further as more complaints surface.
A senior police officer involved in the probe said the scheme was operational for almost two years. During this period, when silver prices hovered around Rs. 80,000 per kilogram, investors were promised fixed monthly returns ranging between Rs. 3,000 and Rs. 5,000 per kilogram, regardless of market volatility. These consistent payments initially reassured investors and led to a steady inflow of fresh funds.
Police also noted that shortly before Diwali last year, the accused inaugurated a plush showroom in Dholka’s Kalikund area, reportedly spending around Rs. 3 crore, and purchased a luxury vehicle. As investments grew, deliveries of silver allegedly slowed and then stopped altogether. Investigators suspect that returns paid to earlier investors were funded using money collected from new participants — a classic Ponzi-style operation.
When investors sought either the return of their funds or delivery of silver around Diwali, they were allegedly told that the festive rush had caused delays and were assured full repayment with profits after the festival. Those assurances proved hollow. After Diwali, investors discovered that both jewellery shops and the family residence were locked, and all phone numbers had become unreachable.
“The timeline clearly points to a carefully planned exit,” an officer said. Police are now actively reaching out to potential victims to determine the full scale of what is shaping up to be one of the state’s most unusual silver-based investment frauds.
Also Read: Gujarat: Key Accused Bhupendrasinh Zala Arrested in Rs 6,000 Cr ‘Ponzi’ Scam https://www.vibesofindia.com/gujarat-key-accused-bhupendrasinh-zala-arrested-in-rs-6000-cr-ponzi-scam/
