In a shocking case of betrayal, Kasturba Marg police have arrested a store manager for allegedly stealing nearly 66 kg of silver worth around Rs 2 crore from the Borivali East showroom of Silver Emporium Retail Pvt Ltd over five months.
Police said the accused, Dipesh Rajendrakumar Jain, allegedly sold the stolen silver and invested the proceeds in commodity trading, where he reportedly suffered heavy losses. Jain was arrested last week and is currently in police custody.
Trusted employee
According to a complaint filed by company director Rahul Kantilal Mehta, 44, the alleged theft took place between October 2025 and March 31, 2026, at the showroom inside Sky City Mall. Management said Jain was hired on the recommendation of his father, who had worked with the company for nearly 40 years and had earned a reputation for honesty and loyalty.
Audit shock
As showroom in-charge, Jain allegedly had unrestricted access to the premises, keys, inventory systems, stock handling and cash management. The alleged fraud came to light during the company’s 2025-26 year-end stock audit, which revealed a shortage of around 66 kg of silver bars, ornaments, coins and premium silver articles worth nearly Rs 2 crore.
Fake records
During an internal probe, the company allegedly found that Jain repeatedly entered the showroom before opening hours and after closing time without approval. Investigators suspect silver items were removed during these visits.
Police said electronic transaction and inventory records were allegedly deleted from the showroom management software, Ornet, to conceal stock movement. Fake clearance vouchers and delivery documents were also allegedly generated under multiple names to create false inventory trails.
Wider probe
Management also detected a cash shortfall of Rs 1 lakh. When questioned, Jain allegedly admitted to selling the silver to traders and claimed some colleagues had assisted him.
Police said preliminary findings indicate the alleged theft involved inventory manipulation, forged documents, deletion of electronic records and unauthorised stock movement over several months.
Police Speak
Based on the complaint, a case has been registered under relevant sections related to criminal breach of trust, conspiracy, theft, cheating, forgery, misappropriation of property, destruction of electronic evidence and creation of false records. Further investigation is underway to identify other possible accused persons and trace the missing silver and financial transactions linked to its alleged sale.
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