Broker flees with trader’s diamonds worth ₹3.6 crore

The trader approached the police after the broker wasn’t reachable either on phone or at his residence

MUMBAI: The police on Wednesday registered a case against a diamond broker who allegedly fled with diamonds worth ₹3.6 crore belonging to a trader at Charni Road. The broker took the diamonds from the trader in exchange for a cheque, which later bounced. The trader approached the police after the broker wasn’t reachable either on phone or at his residence.

Broker flees with trader’s diamonds worth ₹3.6 crore

The complainant, Santosh Lonandkar, is a resident of Girgaum and runs a diamond trading firm near Opera House at Charni Road. Lonandkar had been doing business with the accused, Pushpendra Angara, for the past few years. “He always paid for the sold diamonds or returned the unsold diamonds in time,” said a police officer.

According to the police, in September 2024, Angara approached Lonandkar with a client from Bengaluru who was looking for white, full-cut 500-carat diamonds. Lonandkar showed him 507-carat diamonds worth ₹3.60 crore valued at ₹71,000 per carat. “After examining the diamonds, Angara took them and told Lonandkar that he would make the payment in 10 days. He later gave a cheque that bounced due to insufficient funds,” the police officer said.

The police said that since then, Angara kept promising Lonandkar that he would soon make the payment, but failed to do so. Lonandkar was not able to reach him any more as his phone was switched off, and he was also not available at his residence.

Lonandkar then sent him a notice under the Negotiable Instruments Act, 1881, for the bounced cheque and filed a complaint with the DB Marg police on Wednesday. The police registered a case under sections 318 (cheating) and 316 (criminal breach of trust) of the Bharatiya Nyaya Sanhita.