Silver Returns Turn Sour: Jewellery Firm Probed in ₹30 Crore Ponzi Case

For nearly two years, a jewellery firm in Gujarat quietly built trust while allegedly running what police now describe as a carefully structured silver-linked Ponzi scheme - one that has left dozens of investors facing losses estimated at nearly ₹30 crore.

The case centres on a jewellery house in Dholka, near Ahmedabad, operated by Ghanshyam Soni and his two sons. Investigators say the family relied heavily on their long-standing reputation in the silver trade, cultivated over decades, to reassure investors and attract fresh funds.

A trusted name - and an unusual promise

According to police, the firm offered an investment plan tied to physical silver at a time when prices hovered around ₹80,000 per kilogram. Investors were promised fixed monthly returns of ₹3,000 to ₹5,000 per kilogram - irrespective of market volatility.

Early payouts were reportedly made on time, reinforcing confidence. Many participants reinvested and increased their exposure, believing the scheme was backed by actual silver purchases and jewellery manufacturing.

How the scheme expanded

Initially, 16 investors approached police, alleging losses of ₹6.4 crore. As the probe widened, at least 56 investors have now come forward, pushing estimated losses close to ₹30 crore. Officers say the figure could rise further as more victims are identified.

During the same period, the accused reportedly opened a lavish showroom in Dholka’s Kalikund area at a cost of around ₹3 crore and purchased a luxury vehicle - visible signs of prosperity that further strengthened investor confidence.

Financial investigators examining bank records and cash flows say the pattern resembles cases often uncovered during auditing services in india, where new investments are used to fund returns to earlier participants rather than genuine business activity.

Signs of collapse before Diwali

Problems surfaced around the Diwali season last year, when investors began demanding either physical silver or repayment. Police say the firm cited festive delays and assured clients that settlements would follow shortly.

Instead, shortly after Diwali, the jewellery shops were found shut, the family residence locked, and all contact numbers switched off. Investigators believe the accused disappeared in the final week of December.

“The timing strongly suggests premeditation,” a senior officer said, noting that operations ceased just as investment inflows peaked.

A rare silver-based Ponzi case

Police describe the case as unusual for Gujarat due to its reliance on physical silver as the investment lure. Ahmedabad Rural Superintendent of Police Omprakash Jat said early payouts were strategically used to draw investors into committing larger sums over time.

An FIR has been registered for cheating, criminal breach of trust and related offences. Authorities are now tracing financial trails, identifying additional victims, and attempting to locate the accused.

Investigators have urged anyone who invested in the scheme to come forward, warning that recovery becomes harder the longer such frauds remain unreported.