Diamond Bourse broker booked for duping merchant of ₹89.60 L

BKC police in Mumbai launch manhunt for Meet Shah, accused of duping a Surat merchant of ₹89.60 lakh in diamond scam. Accused still absconding.

MUMBAI: The Bandra Kurla Complex (BKC) police have launched a manhunt for a Bharat Diamond Bourse broker who allegedly duped a Surat-based merchant worth ₹89.60 lakh. The accused is Meet Shah, a Walkeshwar, South Mumbai resident. “He is still absconding, we are searching for him,” said police inspector Rajesh Gavli of BKC police station.

HT Image

According to the police, the complainant, Deepak Mordia, 36, has a diamond business and a firm called Varniraj Enterprises, which has offices in Surat and Bharat Diamond Bourse in BKC, Bandra East.

Two employees sell diamonds on behalf of the company and also sell through diamond brokers by issuing ‘jhangad’ receipts (an informal acknowledgement receipt of the said diamonds) counter-signed by the brokers.

Nitish Shah, a diamond broker, has had business relations with Mordia for the past decade, and both trust each other. Shah’s cousin Meet Shah also works as a broker at the Bourse.

Shah approached Mordia’s BDB office on January 24, 2024, saying that he was Nishit Shah’s cousin, called Nishit on his mobile phone and made him speak to the person sitting in the office. He then told Mordia’s staff that he needed diamonds to sell, said a police officer.

Hardik Bhalani was working in the office and took his signature on the ‘jhangad’ receipt of the company to sell diamonds worth ₹89.60 lakh. Bhalani also signed the receipt on behalf of the firm. The next day, when Bhalani called Meet Shah and asked about money, he said that he would soon pay the amount. The complainant’s staff called him repeatedly, but he kept giving excuses, and after that, his number was switched off. The accused did not pay the amount, nor did he return the diamond.

Further, the complainant inquired and found that he had taken diamonds from a few traders, switched off his mobile phones and ran away. Realising that he was duped, the complainant approached the BKC police on Wednesday and got a case registered. The case has been registered under sections 420 (cheating and dishonestly inducing delivery of property) and 409 (Criminal breach of trust by public servant, or by banker, merchant or agent) of the Indian Penal Code.