Mumbai Police Arrests Diamond Trader In ₹11.25-Crore Fraud Case

The Economic Offences Wing (EOW) of the Mumbai Police has arrested a 29-year-old diamond trader, Anand Singh Radha Kishan Singh Thakur alias Kunal, in connection with an alleged ₹11.25-crore diamond fraud. The case was initially registered at BKC Police Station and later transferred to EOW.

According to the EOW's remand application, the complainant, Ketan Subhash Choksi, a 53-year-old diamond trader from Malad West, allegedly came into contact with Thakur and his associates at his office in BKC between September 2025 and January 29, 2026. The accused allegedly gained his confidence through initial business transactions involving diamonds.

The EOW alleged that diamond consignments worth ₹6.75 crore and ₹4.5 crore, totalling ₹11.25 crore, were handed over to the accused on the pretext of showing them to prospective clients at showrooms and exporting them. The diamonds reportedly weighed around 33.70 carats, with individual stones of up to two carats.

The accused allegedly operated under the name Swastik Diamond Shop from a temporary office in Himayat Nagar, Hyderabad. The EOW alleged that after closing their Hyderabad offices, the accused absconded without returning the diamonds or making the requisite payments.

Thakur was arrested on September 6 at around 11.30 pm at Narayanaguda Police Station in Hyderabad and was subsequently brought to Mumbai and formally handed over to the EOW on September 9. The EOW has also named Arjun Shivnarayan Pandey, Madan Sisodiya, Akbar Khan, and Abhishek Vaidya as co-accused.

During the investigation, the EOW also found allegations involving other diamond traders. The application states that Ashish Patel was allegedly cheated of 150 carats of diamonds valued at ₹52.77 lakh, while Dharmesh Nashibhai Gadhiya was allegedly cheated of 20 carats valued at ₹6.30 lakh.

The EOW said its team traced Thakur's live mobile location to the Hyderabad-Secunderabad area on September 6, following which he was apprehended. The complainant allegedly identified him during the operation. Police told the court that the ₹11.25-crore diamond consignment has not yet been recovered.

The accused allegedly disposed of or sold the diamonds in Hyderabad. The agency also wants to ascertain the whereabouts of the co-accused, verify their previous criminal records and investigate possible links with similar fraud cases registered in other states.

The arrest of Thakur and the ongoing investigation highlight the need for vigilance in the diamond trade, particularly in Mumbai, which is a major hub for the industry. The case also underscores the importance of cooperation between law enforcement agencies across states to combat fraud and other economic crimes.

The Mumbai Police's EOW has been actively pursuing cases of economic fraud, including those involving diamonds and other precious stones. The arrest of Thakur is a significant development in this case and is expected to lead to further investigations and possible recoveries of the stolen diamonds.

In conclusion, the arrest of the diamond trader in the ₹11.25-crore fraud case is a notable achievement for the Mumbai Police's EOW. The case highlights the complexities of economic crimes and the need for coordinated efforts to prevent and investigate such cases. As the investigation continues, it is likely that more details will emerge about the scope and scale of the fraud, and the measures being taken to prevent similar cases in the future.

The Mumbai Police's efforts to combat economic crimes, including fraud and cheating, are crucial to maintaining trust and confidence in the city's business community. The arrest of Thakur and the ongoing investigation are important steps in this direction, and demonstrate the commitment of the police to protecting the interests of traders and businesses in Mumbai.

The case also has implications for the diamond trade in Mumbai, which is a significant sector of the city's economy. The arrest of Thakur and the investigation into the fraud case may lead to increased scrutiny of business practices in the diamond trade, and potentially, to changes in the way that diamonds are bought and sold in the city.

Overall, the arrest of the diamond trader in the ₹11.25-crore fraud case is a significant development, and one that highlights the importance of vigilance and cooperation in preventing and investigating economic crimes. As the investigation continues, it is likely that more details will emerge about the case, and the measures being taken to prevent similar cases in the future.