Malad trader flees with diamonds worth ₹26 cr

MUMBAI: A diamond trader from Malad has been booked by the Bandra Kurla Complex (BKC) police in two separate First Information Reports (FIRS) for allegedly cheating two diamond traders of around ₹26 crore. The police said the accused took diamonds from them, promising to sell the stones at a higher price, they even made a receipt stating when he would return the diamonds or pay their price. Later he started avoiding the complainants and fled with the diamonds worth ₹4.49 crore and ₹21.52 crore from the two traders.

“We have booked Shalin Nitin Kumar Shah, 42, a resident of Malad East, who runs Kisha Diamond Export firm,” said an officer from BandraKurla Complex (BKC) Police station.

According to the police in the first incident, the complainant is Harish Kasodariya who works as a senior official with Dharmanandan Diamonds Private Limited, which has an office at Bharat Diamond Bourse in BKC. From March 2023 to September 2023, the company supplied diamonds to Shah twice and both times he signed the necessary documents and promised to sell them at higher prices and pay the traders after deducting his commission.

“He took a 1685.92-carat cut and polished diamonds, princess cut fancy diamonds valued at around ₹21 crore in the first case,” said the police officer.

In the second case, he took diamonds worth ₹4.49 crore from complainant, Nirav Parekh, proprietor of Aneri Jewellers Diamond Company, and his other friends who have offices in Bharat Diamond Bourse in BKC.

“In the second case the accused had taken diamonds since October last year from Parekh and others three types of different company diamonds valued around ₹4.49 crore to sell but neither returned the diamonds nor gave the cash,” said the police officer.

“We are searching for Shah and have registered a case against him under section 409 (criminal breach of trust by public servant, or by banker, merchant or agent) and 420 (cheating) of the Ipc,”said a senior official from Mumbai police. The police have registered two different cases against Shah.

Shah took polished diamonds and princess cut fancy diamonds valued at around ₹21 crore in the first case POLICE OFFICER