Ahmedabad trader duped of ₹5 cr diamonds by alleged Hyderabad businessmen

An Ahmedabad-based diamond trader has lodged a complaint with the Economic Offences Wing alleging that four persons conspired to cheat his firm of diamond jewellery and loose diamonds worth over ₹5.4 crore under the pretext of business transactions.

Rajeshkumar Mansukhbhai Sagar, 45, proprietor of Zeorika Gems and Creations, in his complain tot Detection of Crime Branch has alleged that the accused obtained diamonds and jewellery on credit between June and October, but failed to pay and later went incommunicado.

Khokhra resident Sagar stated that he was engaged in the manufacture and trading of diamond jewellery for nearly a decade from his office near Manek Chowk. In January 2025, Vimlesh Dadhich of Makrana in Rajasthan, who was working as an office assistant and salesman in his firm, introduced him to Hyderabad-based diamond market agent Jay Tiwari.

Through Tiwari, Sagar was later introduced to Anand Singh Thakur, proprietor of Swastik Diamond in Hyderabad, and Arjun Shivnarayan Pandey, owner of Dev Jewellers in Secunderabad. The two businessmen reportedly expressed interest in purchasing diamond jewellery and loose diamonds from Sagar’s firm.

As per the complaint, Thakur initially purchased diamonds in April 2025 and paid the amount, later returning the goods claiming dissatisfaction. The transaction was settled, which helped build trust between the parties.

Subsequently, in June 2025, Thakur and Pandey allegedly informed Sagar through Tiwari that they were planning to open a large jewellery showroom in partnership at Madhapur in Hyderabad and requested regular supply of diamonds and jewellery on business credit.

Between June 13 and October 16, Sagar’s firm supplied multiple consignments of diamond jewellery and loose diamonds through a logistics company, with a total weight of 1,264.51 carats and a cumulative value of ₹5.40 crore, as per invoices and delivery challans cited in the complaint.

The accused allegedly issued nine cheques amounting to ₹4.90 crore in the name of Swastik Diamond as security and assured the complainant that the payments would be cleared after the new showroom opened.

However, when the cheques were deposited in January 2026, they were returned by the bank with a remark indicating that the account had been blocked, the complaint states.

Sagar further alleged that Vimlesh Dadhich had also taken diamond jewellery worth around ₹4.5 lakh to 5 lakh from Hyderabad for display to traders but did not return the goods. Attempts to contact the accused reportedly failed, and when Sagar travelled to Hyderabad, he allegedly found the office of Swastik Diamond closed and the accused unreachable.

The complainant has alleged that the four individuals — Vimlesh Dadhich, Jay Tiwari, Anand Singh Thakur and Arjun Shivnarayan Pandey — conspired to obtain the diamonds on credit and deliberately avoided making payment.

Officials of the Economic Wing of DCB of the Ahmedabad have registered a case of criminal breach of trust and cheating and initiated further investigation. Police said statements of witnesses and logistics records are being examined as part of the probe.