The accused identified as Pankaj Shah (44), was arrested by the Dindoshi Police for cheating another diamond trader. The accused is currently in police custody.
The Dahisar Police, on Saturday, arrested an absconding accused in connection with a case wherein a diamond merchant was duped of Rs 77.13 lakh by another diamond trader. The accused identified as Pankaj Shah (44), was arrested by the Dindoshi Police for cheating another diamond trader. The accused is currently in police custody.
As reported by DNA on April 15, complainant Digesh Kotia runs a diamond polishing shop at Dahisar East and has been in the business since 2008. Kotia who purchases raw diamond from Surat, polishes them at his shop and later sells the finished product at the diamond markets of Malad and Bandra Kurla Complex (BKC).
Kotia, who has known Shah for a year, initially gave 39.86 carats of diamond in November 2018 and Shah, after selling the diamonds, gave him a total of Rs 10.25 lakh as promised. In the second instance, Shah was given Rs 11.12 carats of diamonds and he gave the profit amount to Kotia. Seven such transactions took place between the duo out of which, Shah paid only for two deals.
"Shah used to take the diamond claiming that he shall get buyers who shall purchase it at a very profitable rate. Since the diamond market runs on trust, Shah first gained the confidence of Kotia and later took undue advantage of it. Kotia had given total 133.66 carats of diamonds worth Rs 42.79 lakhs and his associate Kantibhai Padsala had given 89.45 carats worth Rs 34.33 lakhs. Whenever the duo asked about the progress of the deal, Shah came up with different excuses and would ask to buy more time saying that since there is no demand, there are no buyers ready to turn up," said a police officer.
Kotia and Padsala later discovered that Shah's address turned out to be fake and also he had turned off his mobile phone to avoid falling into trap. After being convinced that they were duped, Kotia lodged a police complaint on Saturday. " Total amount of Rs 77,13,100 has been misappropriated in the matter," said a police officer added.
Senior police inspector Rajaram Vhanmane of Dindoshi police station said, "We had arrested the accused for cheating another trader of Rs 10 lakh. We managed to recover Rs 4 lakh from him." Incidentally, another diamond trader has approached the Dahisar police alleging Shah duped him as well. His statement has been recorded.
"Shah has been sent to police custody till April 25 and we are trying to recover the diamonds from him. He has been booked under section 420 and 406 of the Indian Penal Code" added the officer.
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