Broker who fled with ₹4.28 cr diamonds from BDB traders arrested

Diamond broker arrested for cheating traders at Bharat Diamond Bourse of ₹4.28 crore by promising to sell diamonds and not paying. Arrested under IPC sections 409 and 420.

MUMBAI: The Bandra Kurla Complex police arrested a diamond broker for allegedly cheating several traders based in the Bharat Diamond Bourse (BDB) to the tune of ₹4.28 crore. According to the police, the accused gained the traders’ confidence by promising to sell their diamonds for a commission. However, he neither returned the diamonds nor paid for them as agreed upon.

HT Image

“We have arrested Dhruval Bharatbhai Tejani, 27, a resident of Dabholi in Surat,” said an officer from the Bandra Kurla Complex (BKC) police station. According to the police, the complainant, Chirag Gondaliya, 32, whose father is a partner with Manas Gems, operates from an office at the Bharat Diamond Bourse. Gondaliya’s firm specialises in diamond trading, where brokers typically take diamonds after signing a receipt. Later, when they sell the precious stones, they are expected to pay the firm after deducting their commission.

“For the past few months, Gondaliya had known Tejani as a broker. In April, Tejani visited Gondaliya’s office and informed him that he had a great customer in need of high-quality diamonds. Tejani suggested that supplying these diamonds to the customer would yield substantial returns. Accordingly, Tejani took 189.49 carats of cut and polished diamonds worth ₹58 lakh from their firm. Then, on April 29th, he took an additional 218.44 carats of diamonds worth ₹67 lakh. Following this, on May 3rd, he once again obtained 175.38 carats of diamonds worth ₹53 lakh. In total, Tejani took 583.31 carats of diamonds worth ₹1.77 crore from the complainant. On each occasion, Tejani assured the complainant that he would pay the full amount in one go,” said the police officer.

When the complainant inquired with other brokers at the Bharat Diamond Bourse (BDB), he learned that Tejani had also taken diamonds from Shreenathji Diamonds in three transactions worth ₹62 lakh (241.42 carats). Additionally, Tejani had obtained cut and polished diamonds worth ₹62 lakh (213.85 carats) from Jal Diyam Diamonds and 369 carats of diamonds worth ₹1.27 crore from Richa Impex, said the police officer.

Tejani later started avoiding the complainant and other people. They learned he has also taken diamonds from other parties as well, but presently 1407.66 carats worth ₹4.28 carats were taken by him. “He has been booked and arrested under sections 409 (criminal breach of trust by public servant, banker, merchant or agent) and 420 (cheating) of the Indian Penal Code,” said the police officer.