Tex Palazzo owner approaches police after moneylenders refuse to return 870g gold

Surat: The owner of Tex Palazzo hotel has alleged that two moneylenders refused to return 870 grams of gold jewellery he had pledged against loans, despite repaying ₹83 lakh, including interest.

According to an FIR at Mahidharpura police station, hotelier Bhikhaji Daviyarwala was introduced to Mustansir Channiwala and Ali Assar Channiwala by his employee around two-and-a-half years ago. The duo allegedly ran an unlicensed finance business and offered loans against gold at 1.5% interest.

Daviyarwala initially pledged 452 grams of gold for ₹22.46 lakh in May 2025 and later pledged additional jewellery as he required more funds. Over 18 months, he allegedly pledged 870 grams of gold and borrowed ₹80 lakh.

After arranging ₹83 lakh to clear the loan, including ₹3 lakh interest for two months, Daviyarwala alleged that the accused refused to return his jewellery.

Mahidharpura police have registered a case for criminal breach of trust and abetment, along with offences under the Gujarat Money-Lenders Act. DeshGujarat