Surat police on Saturday arrested two partners of a lab-grown diamond firm for allegedly cheating a businessman of Rs 4.50 crore by persuading him to invest in lab-grown diamond (LGD) machines. The Economic Offences Cell (EOC) apprehended Ankush Nakrani and Sandip Jasani following a complaint filed by Varachha-based businessman Ketan Patel.
Complaint Details
According to the complaint, partners of Labgrown Diamond LLP approached Patel with an offer to install LGD machines, claiming the business would generate substantial profits. The accused allegedly assured him of timely payments in line with trade norms. Police said the accused gained Patel's confidence through lucrative business promises and convinced him to invest Rs 4.50 crore in the machines.
Allegations of Fraud
However, the complaint alleges that from February 2023 onwards, the partners of Labgrown Diamond LLP and others involved neither produced diamonds as promised nor returned Rs 3.50 crore of the invested amount. Based on Patel's complaint, Chowk Bazar police on Wednesday registered a case against Ankush Nakrani, Sandip Jasani, Umesh Nakrani, and Ghanshyam Jasani under sections of the Bharatiya Nyaya Sanhita pertaining to criminal breach of trust and criminal conspiracy.
The arrested individuals were produced before a local court and remanded to police custody for further investigation. The Economic Offences Cell is probing the case to uncover any additional victims or larger conspiracy. The lab-grown diamond industry has seen significant growth in Surat, but this incident highlights the risks of investment fraud in emerging sectors.
