Pune: Rathod Jewellers Cheated of Rs 3.27 Crore: Koregaon Park Police Arrest 3, Hunt On for Fourth

Koregaon Park, 30th January 2026: A major financial fraud has rocked Pune’s jewellery market after a well-known city jeweller was allegedly cheated of assets worth ₹3.27 crore. Koregaon Park Police have arrested three people in the case and are searching for a fourth suspect who is still absconding.

The complainant, Sanjay Pukaraj Rathod (55), a resident of Mukundnagar and proprietor of Rathod Jewellers, lodged the complaint against the owners of Navkar Jewellers and Shri Navkar Plus.

According to the police, the accused first built a business relationship with Rathod to gain his confidence. He later handed over around 60 kg of silver and other valuables to them for procuring fresh stock, after they assured him that the finished jewellery would be delivered within two to three days.

However, the accused allegedly failed to keep their promise. After receiving the bullion, including gold and silver, and RTGS payments amounting to ₹3,27,77,000, they stopped responding to calls and messages and went into hiding. Investigators also found that Rathod’s associates, Hari Vijay Balkrishna Devkar and Umesh Darade, were misled as part of the same scheme.

Police have identified four suspects, all residents of Mahatma Phule Peth: Pankaj Jain (also known as Korimuthha), Nemichand Korimuthha, Aman Korimuthha and Pranav Korimuthha.

Following the complaint, police arrested Pankaj, Nemichand and Aman. A search operation has been launched to trace Pranav, who remains at large.

A case has been registered at Koregaon Park Police Station under the relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating and criminal breach of trust. The police are now working to recover the missing money and trace the siphoned assets.