Mumbai: Juhu trader disappears with Rs 30-cr diamonds

The accused’s father is also a broker and they are well-known in the industry. Representation pic

A Juhu-based diamond trader has allegedly conned top diamond firms of Mumbai and has fled with jewels worth Rs 30 crore. According to diamond market sources, Mehul Zaveri, a well-known diamond broker, has allegedly duped diamond firms and is now incommunicado.

Mehul Zaveri has been in the business for two decades; his father, too, is a broker. Most of the jewellery shop owners are hesitant to talk about the fraud and have not approached the police yet," said a source.

On January 24, Zaveri came to my shop and said that he needed diamonds and that he would sell them to some clients. He then took diamonds worth Rs 56 lakh from me, and when I tried to contact him, his phone was switched off. Many jewellers have approached the BKC police station and are in the process of registering an FIR against him," said a jeweller on condition of anonymity.

"Mehul approached me. I trusted him and gave him diamonds worth Rs 12 lakh. However, he became incommunicado. I am more worried about my family than the money, as he belongs to an affluent family. We are in the process of registering an FIR against him," said another diamond trader.

Some traders based in Delhi are also contemplating registering a case against Zaveri with the Delhi police. "Once we receive an indication from the Mumbai-based diamond traders on their course of action, we will decide accordingly," said a source.

"Some diamond traders approached us regarding the fraud. As of now, we don't have any written complaints. We will investigate the matter after an FIR is registered," said Senior PI Raghunath Kadam of BKC police station. The police claimed they checked whether Zaveri was wanted for any similar offences in the past, but they are yet to get any leads.

"We don't know where my brother is. He is indeed incommunicado as of now. The amounts vary; some are saying that he committed a fraud of Rs 10 crore, some say R20 crore. He has no criminal background. All the payments happen in cash so all the black money is involved in this," said Nikit, the brother of Mehul Zaveri.