Second case registered against diamond broker accused of duping diamond merchants

BKC police register second cheating case against Mehul Zaveri, accusing him of duping diamond merchants of ₹8.69 crore; investigation ongoing.

manish.pathak@htlive.com

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MUMBAI: The Bandra-Kurla-Complex (BKC) police have registered a second cheating case against Juhu resident and diamond broker Mehul Zaveri, 45, on Tuesday, accusing him of duping diamond merchants in BKC of a total worth of ₹8.69 crore.

Zaveri, along with two associates, is already in police custody until February 22 for a similar modus operandi in a case registered on February 14, involving defrauding other diamond merchants worth ₹7.5 crore.

Deputy commissioner of police Dikshit Gedam of Zone 8 said, “The accused is already in custody. It appears that they have duped more than 20 diamond merchants. Zaveri will be arrested in another case once his remand will be ended in the previous case. The investigation is going on to recover the duped amount and diamonds.”

According to the police, the complainant, Anand Shah, 47, a diamond merchant running ‘Rare Jewels’ in Bharat Diamond Bourse at BKC, Bandra(East). Shah alleged that Zaveri, known to him since 2010, worked as a diamond broker and was introduced by an acquaintance. Zaveri used to visit Shah’s office often introducing customers who bought diamonds and they had business relations which was going smoothly as Zaveri had cleared all the transactions.

Shah alleged that on January 16, January 17, and on January 24, 2024, Zaveri collected diamonds worth around ₹1.27 crore and Shah had submitted a copy of the receipt as proof in the police station where details of diamonds are mentioned. Shah claimed that Zaveri sent his associate Dinesh Bhalse alias Jay on January 18, January 22, 2024, to collect diamonds worth ₹46.61 lakh on his behalf. Zaveri and his associate Bhosle collected diamonds worth ₹1.73 crore between January 16 to January 24, said a police officer. Zaveri had assured that he would clear the entire amount within ten days.

Shah further claims in his FIR that in the last week of January, Zaveri again contacted him and demanded more diamonds but he refused, saying that he would give diamonds only after he cleared all pending transactions. On January 30, when the complainant contacted Zaveri he promised to meet him in two days to clear all the transactions but after two days his mobile phone was found switched off. The complainant then contacted another diamond merchant to inquire about Zaveri’s whereabouts; he learned that Zaveri had duped at least seven to eight diamond merchants with a similar modus operandi by taking diamonds either in crore or lakh. All the merchants then approached the BKC police station.

After calculating their diamonds and money given to Zaveri it was found that he had duped them of ₹8.69 crore as per the Indian market value. The BKC police have registered a new case against Zaveri and his associates under sections 406 (breach of trust) and 420 (cheating) of the IPC.