Mumbai: Surat-Based Diamond Trader Arrested in BKC for Misappropriating Diamonds Worth ₹1.81 Crore

A Surat-based diamond trader, identified as Rajeshkumar Ramgopal Sharma, has been arrested by the BKC Police for allegedly cheating another diamond merchant by misappropriating diamonds worth ₹1.81 crore. The accused had taken the diamonds on credit but never returned the goods or made the payment. After being produced before the court, he was remanded to police custody. Investigators are now examining whether he has similarly cheated other traders.

The complainant, 48-year-old diamond merchant Rajesh Vithani, resides with his family in the Nana Chowk area and runs a partnership firm named Sanjay Brothers. The firm’s main office is located in the Bharat Diamond Bourse at BKC in Bandra, from where Vithani conducts his diamond trading activities. Due to regular business dealings with various traders, brokers, and dealers, Vithani had known Sharma, the owner of Jewelers Krishna Company, for nearly three years. Sharma, who operates a jewellery and diamond business in Surat, had previously purchased diamonds from him on credit and had always made timely payments. This track record made Vithani trust him.

On 10 March, one of Sharma’s employees called Vithani’s staff member, Mit Kishorbhai Vithani, claiming he was speaking from Sharma’s office and that they had good buyers interested in purchasing diamonds. Believing the request to be genuine, Vithani handed over diamonds measuring 444 carats valued at ₹1,31,23,370 and another 475 carats worth ₹49,96,110. In total, diamonds amounting to ₹1,81,19,480 were given to Sharma on credit. Both parties had signed the transaction receipt, and Sharma promised to either return the diamonds or make full payment within fifteen days.

However, once the deadline passed, he neither returned the diamonds nor released the payment. When contacted, Sharma claimed he had met with an accident and undergone surgery. After a month, he again delayed the matter, saying his daughter had undergone heart surgery and assured that he would soon settle the transaction. Despite such assurances, several more months passed, and he continued to evade calls and provide excuses. After five months of constant delays, Vithani realised he was being cheated and lodged a complaint with the BKC Police Station.

Following verification, the police registered a case of cheating and criminal breach of trust against Sharma. The accused had been absconding for three months before he was finally tracked down in Gujarat and taken into custody. He was subsequently brought to Mumbai for further questioning. On being produced before the court, he was remanded to police custody. Police are now investigating whether Sharma has defrauded other businessmen using the same method.