Diamond Deception: Traders Cheated in Multi-Crore Scam

Two diamond traders in Mumbai were allegedly scammed by individuals they trusted, losing diamonds worth Rs 3.12 crore. The police have booked three people for fraud after separate FIRs were filed. The suspects promised to return the diamonds or compensate the traders but failed to do so.

Two diamond traders in Mumbai fell victim to an elaborate scam in separate incidents, resulting in a combined loss of diamonds valued at Rs 3.12 crore. The police, in their initial investigation, have uncovered a similar modus operandi in both cases, an official disclosed on Tuesday.

The traders had loaned their valuable diamonds to acquaintances who had assured repayment or return of the stones. However, these promises remained unfulfilled. One victim, operating from a unit in BKC Diamond Bourse, lent an 8-carat diamond worth Rs 2.03 crore to Shalibhadra Kothari. Despite assurances, Kothari neither paid nor returned the diamond.

In another related incident, Nishit Mehta and Vishal Shah faced charges for failing to return diamonds worth Rs 1.09 crore. Authorities suspect the involvement of these individuals in other potential frauds and continue their search to apprehend the accused.

(With inputs from agencies.)