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Zaveri Bazaar Bullion Firm Duped of Rs 43.76 Crore in Investment Scam; Three Businessmen Arrested
Three businessmen, including a chartered accountant, duped a Zaveri Bazaar bullion company of Rs 43.76 crore through an investment scam. Initially luring the businessman with the promise of profits to win his trust, they later siphoned off the money through illegal trading in India and Dubai. They were later arrested after more than 100 payment cheques bounced.
The modus operandi of anyone operating an investment scam is very simple: offer a larger profit for investments and pay back the money with good profits initially.
Investors start with small amounts, and when they receive returns from the investment firm, they are lured into investing larger amounts, encouraged by the confidence they have earned from good profits.
It is here that the bubble bursts, and one day, investors are left staring at the prospect of being scammed.
A firm represented by three businessmen perfected something similar; one was a chartered accountant. The scamsters duped a bullion firm to the tune of Rs 43.76 crores.
The accused, who have since been arrested, first lured the investors with handsome profits on their investment and, when the investors started putting in larger amounts, embezzled funds via illegal trading activities in India and Dubai.
When confronted by the investors after the firm failed to pay them back, they admitted to losses and issued postdated checks of varying amounts to the investors. Needless to say, the checks bounced. It was then that the investors complained about the businessmen.
The police arrested all three businessmen; one of them, a chartered accountant, was arrested at the airport, where he had just landed from Dubai. The businessmen are alleged to have tricked the investors into investing in profit-making shares and illegal exchanges, duping them of Rs 43.76 crores.
The trio, Ladulad Kanthare, 54, Pallav Kanthare, 27, and Anilkumar Jagetia, tricked a bullion firm in Zaveri Bazar in both bullion and cash and then embezzled the funds for illegal commodity and stock market trading.
The bullion firm was a family-run business named PFive Bullions Pvt. Ltd., a gold trading business in Zaveri Bazaar. One of the family members, Anil Mehta, was introduced by the CA to the other accused and stated that they operated a business named Maxis Bullion and Pallav Gold.
They managed to gain the trust of the bullion firm, which invested a small amount in the beginning. The scamsters initially returned the Rs 2.22 crore investment with timely profits. This happened in 2023, and from May 2023 to March 2024, the bullion firm invested 36.376 kg of gold and Rs 10.51 crore in cash.
When the firm asked for the repayment, the accused stated that they had incurred heavy losses due to fluctuating gold prices.
Later, the accused confessed that they had lost funds in MCX and dabba trading (illegal speculative trading) in India and COMEX dabba trading in Dubai.
The accused signed an agreement that they would repay the amount and issued over 100 checks, all of which bounced. On interrogation, the accused pinned the blame on Anil Kumar Jagetia, whom they accused of diverting funds to the gambling trade.
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Flora Fountain at Hutatma Chowk Shut Down Again Due to Maintenance Issues
Flora Fountain at Hutatma Chowk has reportedly remained non-functional for nearly two weeks, raising concerns about heritage maintenance. The Brihanmumbai Municipal Corporation says routine upkeep stalled due to the absence of a maintenance contractor.
South Mumbai’s historic Flora Fountain has reportedly been non-functional for nearly two weeks. Consequently concerns regarding the maintenance of one of the city’s prominent heritage sites have intensified.
This renowned fountain is situated at Hutatma Chowk in the Fort area and is maintained by the Brihanmumbai Municipal Corporation (BMC).
Fountain Lies Idle Despite Previous Repairs
This fountain is over 160 years old.
It underwent restoration work just about six years ago. The municipal corporation had undertaken extensive efforts to repair the water chamber located beneath the structure and to reactivate its water supply system.
A matter of concern is that recent reports indicate the fountain has once again ceased to function. Stagnant water has accumulated in its basin, leading to the growth of algae.
This serves as an indication that the structure is not undergoing regular maintenance.
According to civic officials the primary issue is the absence of a contractor responsible for routine maintenance.
The upkeep of the fountain necessitates daily attention; this includes regulating the water supply, cleaning the basin and preventing the accumulation of algae within the pipelines.
Tender Process for Maintenance Underway
Officials stated that the BMC issued tenders in July 2025 for the maintenance of 22 historical buildings (heritage structures) in the Fort area.
This fountain is also included in these tenders. It is noteworthy that the process of finalizing the contract is currently ongoing and is expected to be completed soon, following which regular maintenance work will commence.
In the meantime certain temporary measures are being undertaken to repair the structure. It is reported that local officials have coordinated with the Ward Office to clean the basin and refill it with water. Significantly these temporary steps have not proven sufficient to restore the fountain to full operational capacity.
Challenges Related to Water Supply
The fountain’s water system operates via a chamber—seven feet, six inches deep—situated within the core of its structure.
Over the past few years this chamber had become buried beneath several layers of cement and concrete; it was subsequently restored by the Municipal Corporation in 2017–18.
Historically this fountain was connected to the Malabar Hill Reservoir. It dates back to 1887. However the water pressure in this region is no longer strong enough to operate the fountain effectively.
Consequently, the Municipal Corporation is currently relying on water tankers to supply water to the fountain.
Experts observe that water pressure in South Mumbai has declined over the past few years. The demand for water in the city has increased significantly compared to the era when this fountain was first constructed.
Since the area surrounding the fountain is a commercial district, residential areas are typically accorded priority in terms of water pressure allocation.
The Historical Significance of Flora Fountain
Constructed in 1864, this fountain is named after ‘Flora,’ the Roman goddess associated with flowers and spring. Standing 32 feet tall, the monument was built using Portland stone imported from England. At the time of its construction, the fountain cost approximately 47,000 rupees—a sum considered substantial in that era.
To function properly, the structure requires approximately 40,000 liters of water; typically, its basin must be refilled every 15 days to prevent the accumulation of algae.
Even today, this fountain remains one of the most recognizable historical landmarks from Mumbai’s colonial era. However, its current state of disuse has once again highlighted the ongoing challenges involved in maintaining historical monuments within a bustling urban environment.
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Major Disruptions to Mumbai Local Train Services on March 15 Due to Mega and Jumbo Blocks
Mumbai commuters may face travel disruptions on March 15 as maintenance blocks are scheduled across suburban routes by Central Railway and Western Railway. Engineering work on the Trans-Harbour, Central, and Western lines will lead to train cancellations, diversions, and delays across the network.
Commuters in Mumbai must be prepared for travel disruptions on Sunday, March 15.
This is because both Central Railway and Western Railway will be conducting several maintenance and infrastructure blocks across their suburban railway lines.
This scheduled work involves engineering maintenance, track repairs, and infrastructure upgrades. Consequently, numerous suburban and long-distance trains will either be cancelled or have their schedules revised.
Central Railway Mega Block on Transharbour Line
Central Railway will carry out a daytime mega block on the Transharbour route between Thane and Vashi/Nerul to perform engineering and maintenance work.
The block will be in effect from 11:10 AM to 4:10 PM.
During this period:
Down-line services from Thane to Vashi, Nerul, and Panvel will remain suspended between 10:35 AM and 4:07 PM.
Up-line services from Panvel and Vashi towards Thane will be cancelled from 10:25 AM to 4:09 PM.
Passengers travelling on this route have been advised to use alternative routes via the Main Line or Harbour Line through Kurla.
Central Line Overnight Block
In addition to the Transharbour block, a 10-hour maintenance block will also be implemented on the Central Line between Mulund and Thane, as well as Diva and Dombivli.
The overnight block will begin at 12:00 AM on March 14 and continue until 10:00 AM on March 15.
Western Railway Night Blocks
Meanwhile, Western Railway will avoid daytime disruptions by conducting major maintenance work during the intervening night of Saturday and Sunday.
Prabhadevi Bridge Work
A major block will be undertaken at Prabhadevi railway station between 1:30 AM and 6:00 AM to dismantle girders for the new Prabhadevi Road Over Bridge (ROB).
Impact of the block includes:
Around 45 suburban local trains cancelled between Churchgate and Dadar.
Some trains will be short-terminated at Bandra or Dadar and reversed from there.
No train halts at Matunga Road and Mahim during the block.
Suburban services will not run between Churchgate and Prabhadevi for the duration of the block.
Borivali–Bhayandar Jumbo Block
A Jumbo Block will also be implemented on the Up and Down Fast lines between Borivali and Bhayandar.
The block will run from 12:15 AM to 3:45 AM.
During this period:
All fast trains will be diverted to slow lines between Virar/Vasai Road and Borivali, which may cause minor delays.
Impact on Long-Distance Trains
The infrastructure work will also affect several Mail and Express trains arriving in or departing from Mumbai.
Affected trains include:
- Train No. 22946 Okha – Mumbai Central Express – delayed by 1 hour 45 minutes.
- Train No. 12928 Ekta Nagar – Dadar Express – delayed by 1 hour.
- Train No. 12902 Ahmedabad – Dadar Express – delayed by 1 hour.
- Train No. 09052 Bhusawal – Dadar Express – delayed by 45 minutes.
Train No. 22953 Mumbai Central – Ahmedabad Express – rescheduled to depart at 6:10 AM instead of 5:40 AM.
Advisory for Commuters
Railway officials have urged passengers to check for real-time updates on the National Train Enquiry System (NTES) app or the railways’ official social media channels before commencing their journeys.
Furthermore, the work being undertaken at night on the Western Line is aimed at minimizing inconvenience during daytime hours.
Passengers utilizing the Trans-Harbour Line during the afternoon may need to allow for an additional 30 to 45 minutes for their commute.
These scheduled blocks are part of ongoing efforts to enhance railway infrastructure and ensure safe operations on one of India’s busiest suburban rail networks.
Also Read: LPG Shortage Hits Restaurants in Mumbai, Bengaluru, Chennai; Hotels Warn of Possible Shutdowns
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Mumbai Silver Rates Update March 14, 2026
Today in Mumbai, silver costs Rs 2,798 for 10 grams. For 100 grams, it is Rs 27,980. One kilogram of silver is Rs 2,79,800. These prices can change every day, so it is good to check before buying or selling.
Silver is popular in Mumbai. Many people buy it for jewellery, gifts, or investment. Shops in areas like Zaveri Bazaar see a lot of buyers, especially during festivals and weddings. Still, silver demand is not as high as gold. Many people choose silver because it is cheaper.
The main reason silver prices change is because of the global market. If the price goes up in international markets, it rises in Mumbai too. Sometimes, the value of the rupee also affects the cost. If the rupee is weak against the dollar, silver becomes a bit more expensive.
Local taxes and making charges in Mumbai also make a difference. Some jewellers add extra costs, so you might pay a bit more at some stores. Big stores sometimes offer better rates, but small shops may negotiate.
It is important to check the purity before buying. Many buyers in Mumbai ask for a bill and purity certificate. Checking current rates online or in newspapers is also wise.
There is no guarantee that buying silver will always give big profits. Prices can fall. If you are buying for investment, make sure it is something you can hold for some time. If you just want to use silver as jewellery or for gifts, it is still a good option.
And remember, buy only from trusted shops. That way, you avoid cheating and get what you pay for.
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