29 traders duped, incur Rs 22 cr loss

Around 30 small traders dealing with diamonds were allegedly duped by a person associated with Elite Jewels. Shidharth Nahar from Elite Jewels did a business with 29 traders causing a loss of Rs 22 crore. A jewellers association representing small traders will be filing a case on behalf of the affected traders on Monday. “We have papers that prove that we have been duped but there are large number of traders out of the legal framework who are duped as well,” stated Naresh Jain, a victim. Yet another victim from the group said that this has been going on for a while. “Now, we are filing a case as we think it is time that crooks learn a lesson from this show of strength.”

This group claims that there have been increasing number of such cases in the industry now. “Diamond business always ran on promises made verbally. There are many crooks that are misusing our style of business,” said Narendra, another member of the group. There are many small traders who are in the verge of committing suicide, added Narendra.

Nahar has been constantly in touch with these traders individually and has been assuring them that he will pay them back. However, in September 23, 2017, all of them met Nahar and offered him six months’ time to repay them. But now, these victims alleged that he has gone on hiding and has been contacting them from United Kingdom number saying that he will only give them 10-20 per cent of their respective sum.

This group along with BPJ spokesperson Shaina NC also went to meet the joint commissioner of police (law and order) Deven Bharti and Sanjay Saxena, joint commissioner of police, (crime). Bharti asked them to file a case in the police station at Opera house. Meanwhile, Saxena said, “We have to investigate and see if such cases have emerged in the past.”