Mumbai: The BKC (Bandra Kurla Complex) police arrested Ganshyam Tagdiya, 50, a diamond trader, for allegedly defrauding another trader of Rs. 1.70 crore. The police acted on a complaint alleging that the accused exchanged a GIA (Gemological Institute of America) certified diamond with CVD (Chemical Vapor Deposition) diamonds, causing a significant loss. The accused reportedly sent a diamond to Hong Kong for GIA recertification.
About The Case
The BKC police filed the case in March against Tagdiya, Bharat Gangani, and Pritesh Shah for allegedly cheating, with Pritesh Shah and Bharat Gangani accused of aiding the crime.
According to the FIR, the complainant, Setul Modi, 55, resides in Malabar Hill and operates a diamond trading company, 'Akshat Impex Company', with a partner. The company's office is located in Bharat Bourse in BKC, and it sells diamonds via the RapNet online portal.
Tagdiya contacted the company's sales department and expressed interest in purchasing a 6.47-carat GIA-certified round diamond. He requested that the diamond be sent to his office address on February 10. Modi's company complied, but during that time, Tagdiya allegedly exchanged the diamond.
Modi realized he had been duped when he received the GIA report. GIA-certified diamond, tagged in his company's name, had allegedly been swapped by Tagdiya and his associates. Soon after, Modi received another call stating that the GIA certification number on the diamond had been changed.
Upon learning that the diamond was a CVD diamond, Modi and broker Bhayani visited Tagdiya's office, only to find it shut for the past few days. His mobile phone was also switched off. The situation worsened as the accused had vacated his rented office premises and became unreachable. Modi filed a complaint after receiving an email from Hong Kong regarding the same diamond certificate number. The email, which came from a recipient who had received the diamond for GIA verification, inquired about its authenticity.
The police have managed to arrest Ganshyam Tagdiya and are searching for two more suspects—Pritesh Shah and Bharat Gangani—for allegedly aiding the crime. Tagdiya was nabbed with the help of technical assistance and a tip-off. The team is in the process of locating the individuals responsible and recovering Modi's diamond, which the suspects allegedly sent to Hong Kong for GIA recertification last month.
The police stated that the accused cleverly substituted the genuine diamond with a CVD one during the inspection when the complainant's broker presented it for potential purchase.
