The Bandra-Kurla Complex (BKC) police in Mumbai have registered a case against a sales executive and a broker for allegedly cheating a diamond trading company of a staggering Rs 2.95 crore. The accused, identified as sales executive Dhaval Patel and broker Kaushik Sutaria, are currently on the run, with police teams actively searching for them.
The Modus Operandi of the Diamond Scam
According to the First Information Report (FIR), the complainant is Jignesh Bhayani, a manager at Kira Diam LLP for the past two years and a resident of Borivali. The company, with its office in the Bharat Diamond Bourse at BKC Bandra (East), operates on a specific business model. It provides diamonds to traders and brokers for a set period against cash receipts. Only after the full payment is received within the stipulated time are the original purchase bills generated and handed over.
The finance department typically follows up to ensure timely payments. Dhaval Patel, a resident of Mira Road who joined the firm as a sales executive in August 2024, was responsible for showing and selling diamonds to clients as per company policy. Having successfully completed transactions before, he was considered a trusted employee.
How the Trust Was Betrayed
The fraud unfolded between September and December 2024. During this period, Patel, in collusion with broker Kaushik Sutaria, handed over diamonds to two different firms in six separate transactions, all based on cash receipts. When the finance team began its routine follow-up as the payment deadlines approached, Patel assured them the money would come through on time.
However, suspicions arose when Patel took medical leave from the office on December 15. When manager Jignesh Bhayani visited Patel's residence on December 19, he discovered Patel had not been home since the 15th. Family members informed Bhayani that Patel had reportedly gone to Dubai for official work.
The Unraveling and Police Action
This raised a red flag, prompting Bhayani to alert the firm's owner. A deeper internal probe revealed a shocking deceit. It was found that Patel had allegedly created bills for the two companies with the sole intention to cheat. Further, he was accused of selling the consigned diamonds to a third firm, which was also named in the FIR, thereby diverting the goods and the resulting payments.
Following this discovery, the company management approached the BKC police station. The police have now registered a formal case under relevant sections of the Indian Penal Code for cheating and criminal breach of trust against Dhaval Patel and Kaushik Sutaria. The investigation is ongoing as authorities work to trace the whereabouts of the accused and recover the lost funds.
