Three men were arrested in Mumbai on Friday for allegedly duping a diamond trader of ₹22.7 crore. The accused reportedly posed as businessmen with connections in Qatar, the UAE, and Saudi Arabia. They took gold and diamond ornaments from the trader under the pretext of selling them, but later shut down their rented office in Khar, switched off their phones, and vanished. The Economic Offences Wing is investigating the case.

This incident highlights the prevalence of fraud in the diamond industry, with several similar cases reported in recent months. In April 2024, a diamond merchant and his wife were arrested for cheating another trader of ₹22 crore worth of diamonds. Additionally, in June 2024, a broker from the Bharat Diamond Bourse was booked for allegedly duping a Surat merchant of ₹89.6 lakh.

To protect themselves, traders are advised to verify the identities and business backgrounds of individuals they engage with, maintain detailed records of transactions, and report any suspicious activities to the authorities promptly.

Sources