Mumbai: Broker Mehul Zaveri’s Role In ₹8.68 Crore Diamond Fraud Under Scanner

Mumbai: Broker Mehul Zaveri’s Role In ₹8.68 Crore Diamond Fraud Under Scanner

The duped traders were allegedly lured by promises of profitable diamond sales at favourable prices.

Vishal SinghUpdated: Thursday, February 22, 2024, 02:04 AM IST
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Mumbai: Broker Mehul Zaveri’s Role In ₹8.68 Crore Diamond Fraud Under Scanner | Representational Image

The Bandra-Kurla Complex police are thoroughly investigating diamond broker Mehul Zaveri’s role in cheating nine diamond traders of Rs8.68 crore. The traders were allegedly lured by promises of profitable diamond sales at favourable prices. Among the complainants is Anand Shah, 47, a businessman with a diamond buying and selling unit based in Tardeo. Shah’s company operates from the Bharat Diamond Bourse in Bandra-Kurla Complex.

Zaveri, 45, established a business relationship with Shah, gaining his trust before executing the fraud. On January 16, he visited Shah’s office, claiming to have a potential diamond buyer requiring a substantial quantity. Shah handed over diamonds totalling 339.83 carats valued at Rs1.73 crore, with Zaveri committing to payment within 10 days.

However, Zaveri failed to fulfil his promise and, instead, requested more diamonds from Shah, who declined until the initial transaction was settled. Subsequently, Zaveri’s mobile phone became inaccessible from January 30. Upon investigation, it was discovered that he had employed a similar deceitful tactic with other businessmen.

BKC police officials revealed that Zaveri duped a total of nine businessmen, involving diamonds valued at Rs8.68 crore. The affected diamond traders collectively filed a complaint against Zaveri, accusing him of embezzlement in the diamond trade.

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