Surat: A hotelier has lodged a police complaint against two moneylenders, alleging that they took 870g of gold jewellery as collateral for loans but refused to return it even after he repaid the loans.According to the FIR registered at Mahidharpura police station, Bhikhaji Daviyarwala said he had been running a hotel, ‘Tex Palazzo’ on Ring Road in Surat. Two and a half years ago, he sought a reference for a financier from his staffer, Sakina Zakir. She introduced him to Mustansir Channiwala and Ali Assar Channiwala, who run a finance business without a licence. When Daviyarwala approached them, they offered loans against gold at an interest rate of 1.5%.In May 2025, Daviyarwala initially pledged 452g of gold jewellery and received Rs 22.46 lakh from the accused. He paid monthly interest of Rs 33,700 through Sakina. As he needed more funds for business, he gradually pledged more gold jewellery.Over the past one and a half years, Daviyarwala pledged a total of 870g of gold jewellery and borrowed Rs 80 lakh against them.After arranging the funds to repay the loan, Daviyarwala approached the accused with Rs 83 lakh, including Rs 3 lakh towards interest for the previous two months. However, the accused refused to return the jewellery.Daviyarwala approached Mahidharpura police and lodged a complaint. Police registered a case for criminal breach of trust and abetment along with offences under the Gujarat Money-Lenders Act.
