India News | Two Traders Lose Diamonds Worth Rs 3.12 Crore to Acquaintances

Mumbai, Apr 15 (PTI) Two diamond traders were allegedly cheated in separate incidents in Mumbai, with the police investigation revealing a near identical modus operandi, an official said on Tuesday.

In both instances, traders lost diamonds worth Rs 3.12 crore, which they had loaned to the accused persons who are known to them.

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Police booked three persons for cheating and criminal breach of trust by registering separate FIRs and launched investigations, a BKC police station official said.

One of the victims owns a unit on BKC Diamond Bourse. He was allegedly approached by Shalibhadra Kothari in July 2023. The trader loaned an 8-carat diamond, valued at Rs 2.03 crore, to Kothari who promised to either make payment or return the diamond within a few days, but never returned.

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In another case, Nishit Mehta and Vishal Shah were booked for not returning diamonds worth Rs 1.09 crore, police said.

Police suspect that the trio might have targeted other traders. A search is on to nab the accused.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)