Diamond Deal Goes Bust: Surat Traders Lose Rs 27 Lakh in Alleged Scam

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Diamond Deal Goes Bust: Surat Traders Lose Rs 27 Lakh in Alleged Scam

| Updated: February 6, 2024 18:25

Diamond Deal Goes Bust: Surat Traders Lose Rs 27 Lakh in Alleged Scam

Two diamond traders in Surat, Alpesh Kukadiya and Bhavin Suthar, are facing accusations of cheating their colleagues out of Rs 27.34 lakh worth of diamonds, prompting a police investigation.

Mahesh Nakarani, a seasoned diamond businessman, filed a complaint alleging Kukadiya and Suthar took possession of his diamonds under the pretense of selling them at a good price but never returned them or paid him the promised amount.

Nakarani claims he was introduced to Kukadiya through a friend and initially given him small batches of diamonds, for which timely payments were made. However, on October 27th, 2023, he entrusted Kukadiya with diamonds worth Rs 21.55 lakh, which were initially returned but ultimately vanished with a subsequent transaction on October 30th. Nakarani’s attempts to reach Kukadiya and Suthar proved futile, leading him to discover similar behavior towards another diamond trader, Raju Italiya.

Based on Nakarani’s complaint, Mahidharpura police have registered an FIR against Kukadiya and Suthar under sections 409 (criminal breach of trust), 420 (cheating), and 120B (criminal conspiracy) of the Indian Penal Code. The ongoing investigation aims to recover the stolen diamonds and hold the accused accountable.

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