Delhi Family Ran INR 1.5 Crore Jewellery Kitty Scam, Promised INR 28,000 Jewellery for INR 1,000 Monthly

A 24-year-old man has been arrested by the Delhi Police’s Economic Offences Wing (EOW) for allegedly cheating more than 700 people of around INR 1.5 crore through a jewellery kitty scheme. The accused, identified as Aniket Verma, was arrested after police traced him following his detention at Surat Airport. Police said Verma and his father allegedly operated jewellery kitty societies and committees in Delhi’s Burari area, collecting monthly instalments from members with the promise of jewellery or equivalent returns after completion of the scheme.

Accused Promised Jewellery Worth INR 28,000

According to the EOW, members were allegedly asked to deposit INR 1,000 every month for 24 months. In return, they were promised jewellery worth INR 28,000 or an equivalent amount at the end of the kitty period. The accused allegedly enrolled a large number of people through the scheme and collected around INR 1.5 crore from more than 700 victims, according to the police. Delhi Dating App Scam: 2 Women Arrested for Duping 67-Year-Old Man of INR 1.30 Lakh.

Case Registered Against Father-Son Duo

The case was registered under FIR No. 128/25 on October 8, 2025, following complaints from multiple victims. The FIR names Aniket Verma and his father, Naresh Kumar Verma, proprietor of M/s Baba Shyam Giri Jewellers in Jagatpur, Burari. Police booked them under Sections 420, 406 and 120B of the IPC, according to the EOW. Investigators said handwritten receipts acknowledging the cash instalments were recovered from victims. The receipts, bearing the accused's signatures, are among the documents seized during the probe.

Accused Allegedly Fled Delhi, Shifted to Dubai

The EOW said both accused allegedly left Delhi after disposing of their properties, and their whereabouts could not initially be established. Police subsequently issued Look Out Circulars (LOCs) against the father-son duo. The investigation later revealed that the accused had shifted to Dubai, where they were allegedly living with their family. The police received information that Aniket Verma had been detained at Surat Airport on September 10. An EOW team then travelled to Surat and arrested him.

Police Probe Wider Extent of Jewellery Kitty Fraud

The EOW is now investigating the alleged financial trail and the full extent of the scheme. Police are also trying to determine the exact number of victims, the total amount collected and the role of other people who may have been involved. According to investigators, the accused and his father had allegedly been running kitty societies and committees for 10-12 years. Police suspect that around 1,200 people may have been cheated over the period, indicating that the investigation could extend beyond the 700-plus victims cited in the registered case. Digital Arrest Scam: Retired Army Colonel Duped of INR 15.50 Lakh as Delhi Police Busts Cyber-Fraud Network.

Efforts Underway to Trace Co-Accused in Dubai

Police are also working to apprehend Naresh Kumar Verma, who is currently believed to be in Dubai. Efforts are being made through legal and diplomatic channels, the EOW said. Aniket Verma, who has completed Class 12 in Delhi, and his family were previously based in Yamuna Vihar. The family was involved in the jewellery business and operated two shops in Yamuna Vihar and Burari, according to police. The investigation remains underway, with police focusing on the alleged financial transactions, the larger network and the whereabouts of the co-accused.

(The above story first appeared on LatestLY on Sep 15, 2026 05:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).