The economic offences wing (EOW) of Mumbai Police has booked a 34-year-old diamond dealer from Malad, and arrested her associate for allegedly cheating over a dozen city diamond traders of Rs 25.59 crore.
Around a fortnight ago, the EOW registered a case of cheating, criminal conspiracy and criminal breach of trust against diamond trader Durga Vishal Mamtola, a Kandivli resident, and Kalpesh Mahendra Shah. Shah, from Malad, was arrested on Friday.
Hemant Shah (38), a diamond trader, in his complaint, has alleged that he and other diamond traders in 2013 gave diamonds and jewellery to Mamtola at a rate of Rs 25,000-R35,000 per carat, to sell them for more profitable rates. Mamtola gave these to Kalpesh, for trading at a profitable price.
The two accused won the trust of the traders by initially sending money regularly from diamond selling. "Kalpesh and Mamtola, between 2013 and 2016, have taken diamonds worth
R55 crore from the traders, but only returned Rs 33 crore to them. When furious traders asked them about this, they were told by the accused that their diamonds were sold at the rate of Rs 19,000 per carat. They refuse to return the remaining Rs 22.32 crore," said an officer.
The traders then approached EOW in the first week of this month. During investigation, two more diamond traders, Ashish Shah and Dewang Bhuwa came forward, and told investigators that they were similarly duped by the accused of Rs 1.50 crore and Rs 1.77 crore, respectively. The total money involved in the case, hence, rose to R25.59 crore.
Mamtola and Shah have allegedly duped 14 traders.