Delhi EOW arrests 24-year-old for cheating 700+ victims in jewellery kitty fraud
Synopsis
A 24-year-old Delhi man was arrested at Surat Airport after allegedly running a jewellery kitty fraud that cheated over 700 people of ₹1.5 crore — and investigators say the scheme may have victimised as many as 1,200 people over 10–12 years. His father, the scheme's alleged mastermind, remains in Dubai as police pursue diplomatic channels for extradition.
Key Takeaways
Delhi EOW arrested Aniket Verma , 24 , on 15 September 2026 for allegedly cheating over 700 victims of ₹1.5 crore through a jewellery kitty scheme.
Victims were promised jewellery worth ₹28,000 or equivalent cash after depositing ₹1,000 per month for 24 months .
The scheme was operated under M/s Baba Shyam Giri Jewellers in Jagatpur, Burari ; both accused allegedly fled to Dubai after disposing of Delhi properties.
The father-son duo allegedly ran kitty societies for 10–12 years , with the total number of alleged victims possibly reaching 1,200 .
Co-accused Naresh Kumar Verma remains in Dubai ; police are pursuing extradition through legal and diplomatic channels.
Case registered under FIR No.
128/25 dated 8 October 2025 under IPC Sections 420 , 406 , and 120B .
The Delhi Police's Economic Offences Wing (EOW) on Tuesday, 15 September 2026, arrested Aniket Verma, 24, for allegedly defrauding more than 700 people of approximately ₹1.5 crore through a fraudulent jewellery kitty scheme operated out of the Burari area of north Delhi. The arrest was made at Surat Airport, where Verma was detained on 10 September before an EOW team flew down to bring him back.
How the Scheme Worked
According to the EOW, victims were lured into depositing ₹1,000 per month with the promise of receiving jewellery worth ₹28,000, or an equivalent cash amount, after completing a 24-month kitty cycle. The scheme was run under the banner of M/s Baba Shyam Giri Jewellers, based in Jagatpur, Burari, and operated by Aniket's father, Naresh Kumar Verma, proprietor of the establishment.
By enrolling a large number of participants, the accused allegedly collected ₹1.5 crore in cash instalments from over 700 victims. Investigators seized handwritten receipts bearing the signatures of the accused from victims, providing what the EOW described as documentary evidence of the alleged collections.
The Investigation and Flight to Dubai
A multi-victim case was registered under FIR No. 128/25, dated 8 October 2025, invoking Sections 420, 406, and 120B of the Indian Penal Code. As the EOW began closing in, both accused allegedly fled Delhi after reportedly disposing of their properties. Look Out Circulars (LOCs) were issued against both men, and investigation later confirmed they had relocated to Dubai with their family.
The breakthrough came when Aniket Verma was detained at Surat Airport on 10 September. A team comprising Sub-Inspector Rahul Tomar and Head Constable Anil Kumar of Section-I, EOW, under the supervision of ACP Virender Kadyan, travelled to Surat and formally arrested him.
Scale of Alleged Fraud Larger Than Initially Known
The EOW has indicated the full extent of the fraud may be significantly wider. The father-son duo had allegedly been running kitty societies and committees in the area for the past 10 to 12 years, and according to investigators, the total number of cheated individuals could be as high as 1,200 people. The Verma family had previously operated two jewellery shops in Yamuna Vihar and Burari, and resided in Yamuna Vihar before fleeing.
What Happens Next
Police said further investigation is underway to establish the exact number of victims, the total quantum of money collected, and the complete financial trail. Efforts to apprehend co-accused Naresh Kumar Verma — currently believed to be in Dubai — are being pursued through legal and diplomatic channels. The EOW has not yet ruled out additional accused persons being named in the case.
Point of View
Pitched at households who trust a familiar neighbourhood jeweller over banks. What makes this case notable is the sheer duration — allegedly 10 to 12 years — during which the scheme ran undetected despite accumulating over a thousand victims. The flight to Dubai and the need for LOCs and diplomatic channels to pursue the co-accused raises a harder question: how many similar kitty-based frauds operate in Delhi's dense residential belts, entirely outside formal oversight, until someone finally files a complaint? The EOW's documentation of handwritten receipts as primary evidence also highlights the fragility of legal recourse for victims in such schemes.
NationPress
15 Sept 2026
Frequently Asked Questions
What is the Delhi jewellery kitty scheme fraud?
It is an alleged financial fraud in which Aniket Verma and his father Naresh Kumar Verma collected ₹1,000 per month from over 700 victims in Delhi's Burari area, promising jewellery worth ₹28,000 or equivalent cash after 24 months. The accused allegedly fled to Dubai after collecting approximately ₹1.5 crore without honouring the scheme's commitments.
Who has been arrested and where?
Aniket Verma, 24, was arrested by the Delhi EOW after being detained at Surat Airport on 10 September. An EOW team travelled to Surat and brought him back to Delhi. His father, Naresh Kumar Verma, the scheme's proprietor, remains in Dubai and has not yet been apprehended.
How many people were cheated and how much money was lost?
According to the EOW, at least 700 people were cheated of approximately ₹1.5 crore. However, investigators believe the total number of victims could be as high as 1,200, as the accused allegedly ran kitty societies for 10–12 years. The exact total amount collected is still being ascertained.
What charges have been filed against the accused?
A case was registered under FIR No. 128/25 dated 8 October 2025, invoking IPC Sections 420 (cheating), 406 (criminal breach of trust), and 120B (criminal conspiracy). The complaint was filed by multiple victims against both Naresh Kumar Verma and his son Aniket Verma.
What is being done to catch the co-accused Naresh Kumar Verma?
Naresh Kumar Verma is believed to be residing in Dubai with his family. Look Out Circulars were earlier issued against him. The Delhi Police EOW is now pursuing his apprehension through legal and diplomatic channels, as direct arrest is not possible without international cooperation.
