Mumbai EOW Arrests Diamond Trader In Alleged ₹11.25-Crore Diamond Fraud Case

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police has arrested a 29-year-old diamond trader, Anand Singh Radha Kishan Singh Thakur alias Kunal, in connection with an alleged ₹11.25-crore diamond fraud.

Diamond trader arrested in fraud case

According to the EOW's remand application filed before the 47th Metropolitan Magistrate's Court at Esplanade, the case was initially registered at BKC Police Station and later transferred to EOW, where it was registered under Sections 316(5), 318(4) and 61(2) of the Bharatiya Nyaya Sanhita (BNS), 2023.

The complainant, Ketan Subhash Choksi, 53, a diamond trader from Malad West, allegedly came into contact with Thakur and his associates at his office in BKC between September 2025 and January 29, 2026. The accused allegedly gained his confidence through initial business transactions involving diamonds.

Diamonds allegedly not returned

According to the EOW, diamond consignments worth ₹6.75 crore and ₹4.5 crore, totalling ₹11.25 crore, were handed over to the accused on the pretext of showing them to prospective clients at showrooms and exporting them. The diamonds reportedly weighed around 33.70 carats, with individual stones of up to two carats.

The accused allegedly operated under the name Swastik Diamond Shop from a temporary office in Himayat Nagar, Hyderabad. The EOW alleged that after closing their Hyderabad offices, the accused absconded without returning the diamonds or making the requisite payments. Thakur was arrested on September 6 at around 11.30 pm at Narayanaguda Police Station in Hyderabad and was subsequently brought to Mumbai and formally handed over to the EOW on September 9. The EOW has also named Arjun Shivnarayan Pandey, 34, Madan Sisodiya, 42, Akbar Khan, 30, and Abhishek Vaidya, 40, as co-accused.

More traders allegedly affected

During the investigation, the EOW also found allegations involving other diamond traders. The application states that Ashish Patel was allegedly cheated of 150 carats of diamonds valued at ₹52.77 lakh, while Dharmesh Nashibhai Gadhiya was allegedly cheated of 20 carats valued at ₹6.30 lakh. Another trader, Sachin Motilal Jain, was allegedly cheated of loose diamonds and diamond jewellery weighing around 140.055 carats, valued at ₹58 lakh, during September and October 2024.

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Probe into wider links

The EOW said its team traced Thakur's live mobile location to the Hyderabad-Secunderabad area on September 6, following which he was apprehended. The complainant allegedly identified him during the operation. Police told the court that the ₹11.25-crore diamond consignment has not yet been recovered. The accused allegedly disposed of or sold the diamonds in Hyderabad.

The agency also wants to ascertain the whereabouts of the co-accused, verify their previous criminal records and investigate possible links with similar fraud cases registered in other states. According to the remand application, co-accused Madan Sisodiya is also named in a fraud case registered by the Ahmedabad Crime Branch.

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