Three arrested for defrauding diamond merchant of ₹22.75 crore

Mumbai police's EOW arrested three for defrauding diamond trader Shreyas Zaveri of ₹22.75 crore, posing as brokers from ‘Riddhesh Diamonds’.

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai police has arrested three individuals for allegedly defrauding a diamond manufacturer and exporter of ₹22.75 crore under the pretext of supplying gems to international clients.

Three arrested for defrauding diamond merchant of ₹22.75 crore

According to the EOW, the accused—Sameer Sanghani, 53, Himanshu Shah, 48, and Ashish Mane, 35—posed as diamond brokers and operated under the name ‘Riddhesh Diamonds’ from a store on Linking Road, Bandra West. They lured the complainant, veteran diamond trader Shreyas Zaveri, 67, into supplying high-value diamonds on credit terms, promising payment within 60 to 90 days.

Zaveri, a Malabar Hill resident who co-runs ‘A Rajeev and Company’ with his wife from the Bharat Diamond Bourse in BKC, had met Sanghani in May 2022 after showcasing his collection at the NESCO exhibition in Goregaon. Claiming to represent clients in Kuwait and Qatar, the accused initially made token payments in cash to win the trader’s trust.

Between June 2022 and January 2023, Zaveri supplied 4,290 carats of high-quality diamonds valued at ₹24 crore across 42 transactions. However, he received only ₹1.25 crore in return. As the outstanding dues mounted, the trio continued to offer excuses, insisting that payments from international buyers were delayed.

“Eventually, the complainant discovered that the names and details of the foreign clients cited by the accused were fabricated,” an EOW officer said. Zaveri then lodged a complaint, leading to the registration of an FIR under IPC sections 409 (criminal breach of trust), 420 (cheating), 419 (impersonation), and 34 (common intention).

The arrests were made by a team led by inspectors Nitin Patil, Vishal Gaikwad, and Rupesh Mane. Sanghani was picked up from Panchgani, Shah from Vile Parle, and Mane from Jaipur.

Police also revealed that Himanshu Shah has six previous cases of cheating registered against him at the Marine Drive and Khar police stations. The trio often operated by taking commercial properties on rent and duping suppliers.

The accused were produced before court and have been remanded to police custody till May 10.