Mumbai: Diamond broker dupes 25 traders of Rs 30 cr, held

The Bandra Kurla Complex Police have arrested a diamond broker for allegedly absconding after duping at least 25 traders of diamonds worth Rs 30 crore. The accused identified as Vijay Parmar (38), was picked up from his Kandivali residence. The police are also looking for one more accused and another suspect who played an active role in cheating the diamond traders.

According to the police, the mastermind, who orchestrated the plan, is another diamond broker Yatish Khichadiya (35). Khichadiya is on the run. Khichadiya, who worked for a reputed diamond trader in the BKC area, had approached all 25 victims claiming to sell their diamonds at a profitable rate. He collected the diamonds from all the traders on December 11 and promised to crack a fair deal for all of them. "Usually under such circumstances, the traders keep a close tab on the broker to ensure that nothing goes wrong but, in this case, since Khichadiya was associated with a well-known trader, he was trusted by all his victims. After getting hold of the diamonds, Khichadiya switched off his cell phone and managed to disappear. The traders later lodged a complaint against him on December 18," a police officer from the BKC Police Station said.

As per police reports, Khichadiya's Call Detail Record (CDR), when scrutinised properly, revealed Parmar's number. Based on the preliminary investigation and frequent calls, the police also booked Parmar in the complaint.

"When we arrested Parmar, we also seized a considerable amount of diamonds which Khichadiya had left at his place before absconding. We have registered a case under section 24, 25, 406 and 420 of the Indian Penal Code. We also suspect the involvement of one more accused but we are only proceeding in that direction to ascertain doubts. The recovery of stolen stuff is under progress and Parmar has been sent to police custody until Friday," the officer further said.