Hyderabad: A jewellery trader in the city has been charged by the Central Crime Station (CCS) after a local jeweller and three business associates claimed he wrongfully kept gold ornaments valued at ₹20.59 crore that they provided for retail sale. Authorities registered a case against the accused on June 20, and the situation became public on Tuesday.

According to a complaint from Sudhir Agarwal of Navya Gems & Jewels, he and his partners—Neeraj Agarwal of Shree Siddhi Vinayak Jewellers, Ganesh Lal of Shree Bansilal Jewellers, and Rakesh Agarwal of Shyambala Jewellers—had dealings with Nitin Gulabani, who ran KV Jewellers and Nitin Jewellers in Somajiguda.

The complainants said that between April 2025 and early June 2026, they provided Gulabani with around 13.6 kg of gold ornaments for sale. The shipments included:

- 3 kg (worth ₹4.50 crore) from Sudhir Agarwal

- 5.1 kg (worth ₹7.50 crore) from Neeraj Agarwal

- 2.5 kg (worth ₹4.03 crore) from Ganesh Lal

- 2.9 kg (worth ₹4.56 crore) from Rakesh Agarwal

The FIR states that Gulabani initially made payments through RTGS transfers or by adjusting the equivalent amount of gold. He also issued cheques from different banks as security. However, he reportedly did not return the gold ornaments or pay for the supplied stock.

“Whenever my associates and I asked him about settling our accounts, he gave us false promises of repayment," the complainant claimed.

The complainants also noted that Gulabani, along with his wife Divya Gulabani, brother Vipin Gulabani, staff members Harish and Dhanraj, and several others, disappeared after switching off their mobile phones.

The CCS has opened a case under Sections 316(5) and 61(2) of the Bharatiya Nyaya Sanhita (BNS). Further investigation is ongoing.