Pune Gold Fraud: Man Poses as Builder, Walks Away With 100g Gold Worth Rs 14.78 Lakh

Pune, 12th August 2026: Chandan Nagar police have arrested a 38-year-old man who allegedly posed as the owner of Pragati Buildcon and cheated Chandukaka Saraf & Sons Pvt. Ltd. of three gold biscuits weighing a total of 100 grams and valued at ₹14,78,760.

The accused, identified as Siddharth Devdas Zende, a resident of Mhasobachi Wadi in Indapur taluka of Pune district, allegedly conspired with a woman and approached the jewellery establishment on Old Mundhwa Road between August 3 and 4.

Police said the pair gained the complainant’s confidence by claiming that they wanted to purchase gold. Zende subsequently took three gold biscuits—two weighing 25 grams each and one weighing 50 grams. He allegedly provided the number of a bank account that did not contain sufficient funds, despite knowing its status, and left with the gold.

The assistant branch manager of Chandukaka Saraf & Sons lodged a complaint at Chandan Nagar police station on August 6. Police subsequently registered Crime Register No. 348/2026 under Sections 316(2), 318(4) and 3(5) of the Bharatiya Nyaya Sanhita.

“Technical analysis conducted by our investigation team indicated that the accused was in Chandrapur. A police team immediately travelled there and took him into custody. During questioning, he disclosed that he had sold the fraudulently obtained gold biscuits to a goldsmith in Indapur. We recovered and seized ₹8.5 lakh from the proceeds of the sale,” Senior Police Inspector Ashwini Jagtap said.

Police said Zende was not found at his registered address after the offence. Officers and personnel from Chandan Nagar police station then carried out a technical investigation, traced him to Chandrapur and brought him into custody.

According to investigators, Zende allegedly posed as the owner of Pragati Buildcon to win people’s confidence before cheating them. The investigation has indicated that he may have similarly cheated several car dealers and hotel operators in Chhatrapati Sambhajinagar, Pune, Solapur, Jalgaon and Nashik districts. He is also suspected of cheating women by making false promises of marriage.

Police said cheating cases had previously been registered against Zende at Bhigwan and Viman Nagar police stations. Further investigation into the present case is being conducted by Assistant Police Inspector Ganesh Jagdale of Chandan Nagar police station.

The operation was conducted under the guidance of Additional Commissioner of Police, Eastern Regional Division, Manoj Patil; Deputy Commissioner of Police, Zone VII, Avinash Kumar; Assistant Commissioner of Police, Kharadi Division, Sunil Dorge; Senior Police Inspector Ashwini Jagtap; and Police Inspector (Crime) Amol Dhas.

Assistant Police Inspector Ganesh Jagdale and police personnel Ramesh Memane, Sachin Kadam, Ramdas Ghavte, Kiran Ghute, Pravin Bhalchim and Mauli Lahane were part of the investigation team that carried out the operation.