Accountant, Family Booked for ₹6.3 Crore Gold, Cash Fraud at Ahmedabad Jewellery Firm

Ahmedabad: The Economic Offences Wing (EOW) of the city crime branch has launched an investigation into an alleged ₹6.29-crore fraud involving an accountant of Kenvi Jewels, a jewellery firm located on CG Road, who allegedly siphoned off 3.85 kg of 24-carat gold and ₹13 lakh in cash over a period of about a year.

According to a complaint filed by Kenvi Jewels owner Chirag Valani, the accused, Keyur Shaileshbhai Shah, had been working with the firm for around eight years and was responsible for handling accounts as well as purchase- and sale-related work. As Valani trusted him, Shah had also been authorised to handle the company’s purchases, sales and other financial transactions in his absence.

The complainant alleged that Shah misused the authority entrusted to him and gradually removed gold from the company’s stock. The alleged fraud came to light in April 2026 when Valani checked the jewellery stock on the computer and noticed discrepancies. He questioned Shah, who allegedly assured him that the entire stock was available and said he would check it and provide an explanation.

However, Shah later became unavailable and his phone was switched off. The company then examined its stock register and found a significant discrepancy in its fine-gold inventory. According to the complaint, the closing stock should have been 5,272.357 grams, but only 1,422.357 grams was physically available, leaving 3,850 grams of 24-carat gold unaccounted for.

The complainant valued the missing gold at ₹6.1 crore, based on a rate of ₹16,000 per gram.

After detecting the stock discrepancy, the company also reviewed its CCTV footage. The footage allegedly showed the accountant carrying cash out of the office on March 26 and April 14. A subsequent examination of the company’s cash book allegedly revealed that ₹13 lakh could not be accounted for.

The complainant further alleged that the accountant handed over the stolen gold and cash to his father and two brothers, who had previously worked for other companies belonging to the same business group. The three family members have also been named as accused in the complaint.

According to the complaint, the accountant and his family members allegedly caused a total loss of ₹6.3 crore to the company. DeshGujarat