​Two diamond traders in Mumbai were allegedly defrauded of diamonds worth a total of ₹3.12 crore in two separate incidents involving acquaintances. The police have registered separate First Information Reports (FIRs) for cheating and criminal breach of trust against three individuals and have launched investigations .​

In the first case, a trader from the Bandra-Kurla Complex (BKC) Diamond Bourse lent an 8-carat diamond valued at ₹2.03 crore to Shalibhadra Kothari in July 2023. Kothari had promised to return the diamond or make payment within a few days but failed to do so .​

In the second case, traders Nishit Mehta and Vishal Shah were booked for not returning diamonds worth ₹1.09 crore. Authorities suspect that the trio may have targeted other traders as well.