Man who cheated diamond traders held in Hyderabad

By Author  |  Published: 16th May 2018  12:30 am

Hyderabad: A man from Rajasthan, who allegedly purchased uncut diamonds (polki chakri) from four businessmen, one from the city and the others from Gujarat, and cheated them without paying, was arrested by the Charminar police here on Tuesday.

The police recovered rubies, emeralds and other uncut diamonds worth Rs 60 lakh from him.

According to the police, Abhishaik Jain, 27, was running a gems shop, Jaipur Gems, at Bandika Adda near Charminar. He ran into losses, but from December last year, purchased uncut diamonds worth Rs 1.5 crore on a credit basis from one Bhupender of Hyderabad, and from Suresh, Praveen and Piyush of Gujarat.

He paid an advance on the condition that he would pay the rest of the money later, However, he did not pay and he did not return the diamonds either, and further sold some of the diamonds and mortgaged them as well.

Based on a complaint from four businessmen, he was arrested on Tuesday and police seized precious stones worth Rs 60 lakh from him. He was produced before court.
Police said two others, Dharmi Chand Jain and Pankaj Sethiya, were suspected to have assisted Jain in the offence and that their roles were being verified.