The Economic Offences Wing (EOW) of Pune police has arrested Pankaj Gautamchand Jain, 48, and Nemichand Vishanraj Korimutha, 59, for allegedly defrauding local jewellers of around ₹14 crore. The duo posed as businessmen, collecting gold, silver, and cash from several jewellers in Pune, promising to manufacture new ornaments. However, they failed to deliver any items and became unreachable. The fraud came to light after Sanjay Pushkaraj Rathod, owner of Rathod Jewellers, filed a complaint on January 28, detailing how he had handed over 60 kg of silver to the accused on January 22. Investigations revealed they had also defrauded other traders, collecting ₹98 lakh from one and ₹40 lakh from another. Following multiple complaints, the case was transferred to the EOW, which has since arrested the suspects and recovered 676 kg of silver from previous linked arrests. The accused have been remanded in police custody for further investigation.