A 41-year-old bullion trader here has been been arrested for allegedly cheating his business partner of Rs 7 crore by fudging accounts, the police said on Saturday.
Rajeshkumar Munot, the accused, is a partner in Dev Bullion, a firm operating from Zaveri Bazar, the hub of bullion trade in south Mumbai, the police said.
As per the complaint filed by Rajkumar Gupta, his partner, at LT Marg police station, the firm supplies gold bars to jewelers.
Munot, who handled the accounts as well as actual delivery of gold bars had five per cent stake in the business.
Some customers recently complained to Gupta that they had not got delivery of gold bars for which they had made a full payment.
On checking account books, Gupta found that Rs 7 crore received for 23 kg of gold bars had been siphoned off, the police said.
Munot was arrested on Friday night and further probe was underway, they added.
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