Akshaya Tritiya scam alert: How a fake gold coin racket duped luxury car victims for decades
The man behind the scam, Solanki Prabhubhai Gulshanbhai, alias Kalpesh, has now been arrested by Gurgaon Police
- Apr 17, 2026,
- Updated Apr 17, 2026 3:28 PM IST
A man posing as a poor labourer approached a Gurgaon-based exporter with an offer that seemed too good to pass up, a stash of gold and silver coins, allegedly unearthed during excavation, available at a steep discount. By the time the exporter realised what had happened, he had parted with Rs 2.5 crore and 50 gold tolas. The coins were brass and gold-plated copper.
The man behind the scam, Solanki Prabhubhai Gulshanbhai, alias Kalpesh, has now been arrested by Gurgaon Police, according to a report by Times of India (TOI), bringing to light a fraud operation that had been running across multiple states for nearly 25 years.
How the scam worked
The operation followed a calculated sequence designed to build trust before delivering the blow. Kalpesh would first offer a few genuine coins for testing. Once the victim verified their authenticity, a larger deal would be proposed at a tempting "discounted" rate, priced at Rs 25–30 lakh per kilogram to suggest enormous profit potential. The bulk delivery that followed contained fake coins.
The Gurgaon exporter, convinced he was acquiring a valuable treasure, borrowed heavily from friends and relatives and sold ancestral jewellery to arrange the funds. The final exchange took place at his residence in Sushant Lok. The accused fled shortly after.
A gang that hunted luxury car owners
The investigation revealed a more systematic operation beneath the surface. The gang specifically targeted people driving luxury cars, particularly those stranded on highways. Members would conduct reconnaissance beforehand, then approach victims, posing as labourers or machine operators, and spin stories about treasure found during railway or construction work.
Arrest and the names that followed
The case was cracked by the Gurgaon Police crime branch team led by Inspector Narender Sharma. Kalpesh and his driver were arrested from Vadodara; two other accused were nabbed from Gujarat. Police also identified a jeweller allegedly involved in manufacturing the fake coins.
DCP Hitesh Yadav told TOI that the accused had been running such scams for nearly 25 years across multiple states.
The names that emerged during the investigation added a Bollywood dimension to the case. Police said Kalpesh had previously duped actor Aditya Pancholi of around Rs 20 lakh and cheated an aide of Salim Khan of Rs 25 lakh. No formal complaints were filed in either case.
A life built on fraud
Investigations revealed Kalpesh used the proceeds to purchase a hotel on the Delhi-Mumbai highway, produce a Gujarati film titled Love You, and attempt to gain political influence by fielding his wife in local elections. He reportedly has four wives and multiple cases registered across Gujarat, Maharashtra and Rajasthan.
Police have so far recovered Rs 2.3 crore in cash and 678 grams of gold. Two women linked to the gang, currently lodged in a Kota jail, are expected to be brought in for questioning. The Income Tax Department may also join the investigation.
A man posing as a poor labourer approached a Gurgaon-based exporter with an offer that seemed too good to pass up, a stash of gold and silver coins, allegedly unearthed during excavation, available at a steep discount. By the time the exporter realised what had happened, he had parted with Rs 2.5 crore and 50 gold tolas. The coins were brass and gold-plated copper.
The man behind the scam, Solanki Prabhubhai Gulshanbhai, alias Kalpesh, has now been arrested by Gurgaon Police, according to a report by Times of India (TOI), bringing to light a fraud operation that had been running across multiple states for nearly 25 years.
How the scam worked
The operation followed a calculated sequence designed to build trust before delivering the blow. Kalpesh would first offer a few genuine coins for testing. Once the victim verified their authenticity, a larger deal would be proposed at a tempting "discounted" rate, priced at Rs 25–30 lakh per kilogram to suggest enormous profit potential. The bulk delivery that followed contained fake coins.
The Gurgaon exporter, convinced he was acquiring a valuable treasure, borrowed heavily from friends and relatives and sold ancestral jewellery to arrange the funds. The final exchange took place at his residence in Sushant Lok. The accused fled shortly after.
A gang that hunted luxury car owners
The investigation revealed a more systematic operation beneath the surface. The gang specifically targeted people driving luxury cars, particularly those stranded on highways. Members would conduct reconnaissance beforehand, then approach victims, posing as labourers or machine operators, and spin stories about treasure found during railway or construction work.
Arrest and the names that followed
The case was cracked by the Gurgaon Police crime branch team led by Inspector Narender Sharma. Kalpesh and his driver were arrested from Vadodara; two other accused were nabbed from Gujarat. Police also identified a jeweller allegedly involved in manufacturing the fake coins.
DCP Hitesh Yadav told TOI that the accused had been running such scams for nearly 25 years across multiple states.
The names that emerged during the investigation added a Bollywood dimension to the case. Police said Kalpesh had previously duped actor Aditya Pancholi of around Rs 20 lakh and cheated an aide of Salim Khan of Rs 25 lakh. No formal complaints were filed in either case.
A life built on fraud
Investigations revealed Kalpesh used the proceeds to purchase a hotel on the Delhi-Mumbai highway, produce a Gujarati film titled Love You, and attempt to gain political influence by fielding his wife in local elections. He reportedly has four wives and multiple cases registered across Gujarat, Maharashtra and Rajasthan.
Police have so far recovered Rs 2.3 crore in cash and 678 grams of gold. Two women linked to the gang, currently lodged in a Kota jail, are expected to be brought in for questioning. The Income Tax Department may also join the investigation.