India, April 20 -- The Economic Offences Wing (EOW) of Pune police on Friday arrested two persons posing as businessmen for allegedly cheating several jewellers in the city of around Rs.14 crore by promising to manufacture new ornaments in exchange for gold and silver.

The arrested accused have been identified as Pankaj Gautamchand Jain, 48, a resident of Kondhwa-Bibwewadi Road, and Nemichand Vishanraj Korimutha, 59, a resident of Market Yard.

According to police, the accused collected gold, silver and cash from multiple jewellers in Ravivar Peth on the pretext of manufacturing new ornaments and returning them with added value within a few days. However, they allegedly failed to deliver the promised items and misappropriated the valuabl...