India, Aug. 27 -- A 33-year-old man who allegedly obtained the GST certificate of a famous jewelry store in Pune to defraud two jewelers in Mumbai to the tune of Rs.31.58 lakh was arrested by the police on Monday.

The accused, Karik Pankaj Shah, is a resident of Borivali and had worked in a jewellery shop in Mumbai in the past. "He was aware that some companies that do not fall under the state customs department were keen to do business with Chandukaka Saraf, who has a store in Pune. That is how Shah targeted these companies in SEEPZ despite other well-known brands having a store there," said Yash Palav, investigation officer of the case.

On August 8, Shah allegedly posed as an officer from the International Gemological Institute and en...