Mumbai Police Arrests Hyderabad Trader for ₹11.25 Crore Scam

The Economic Offences Wing (EOW) of the Mumbai Police has arrested a 29-year-old Hyderabad-based diamond trader for allegedly defrauding a Mumbai trader of diamonds worth ₹11.25 crore. The arrest was made in connection with a credit scam, where the accused allegedly cheated the Mumbai businessman.

The accused, a resident of Hyderabad, was arrested by the EOW team after a thorough investigation into the matter. The Mumbai Police had received a complaint from the victim, a Mumbai-based trader, who alleged that he was cheated by the accused in a credit scam.

According to the complaint, the accused had allegedly taken diamonds worth ₹11.25 crore from the victim on credit, but failed to pay back the amount. The victim had approached the Mumbai Police, who then transferred the case to the EOW for further investigation.

The EOW team investigated the matter and found evidence of the alleged scam. The team then arrested the accused from Hyderabad and brought him to Mumbai for further questioning. The accused is currently in police custody and is being questioned by the EOW team.

The Mumbai Police have been cracking down on credit scams and other economic offences in the city. The arrest of the Hyderabad-based diamond trader is a significant breakthrough in the case and is expected to help the police in their investigation.

The credit scam allegedly involved the accused taking diamonds on credit from the victim and then selling them in the market without paying back the amount. The accused had allegedly used fake documents and identities to cheat the victim.

The Mumbai Police have advised traders and businessmen to be cautious when dealing with unknown parties and to verify the credentials of the people they are dealing with. The police have also asked anyone with information about the alleged scam to come forward and help in the investigation.

The arrest of the Hyderabad-based diamond trader is a significant step in the investigation and is expected to help the police in bringing the accused to justice. The case is still under investigation and the police are working to recover the amount allegedly cheated by the accused.

In recent years, there have been several cases of credit scams and economic offences reported in Mumbai. The Mumbai Police have been working to crack down on these cases and to bring the accused to justice. The arrest of the Hyderabad-based diamond trader is a significant breakthrough in the case and is expected to help the police in their investigation.

The case highlights the need for traders and businessmen to be cautious when dealing with unknown parties and to verify the credentials of the people they are dealing with. It also highlights the importance of reporting any suspicious activity to the police and cooperating with the investigation.

The Mumbai Police are committed to cracking down on economic offences and credit scams in the city. The arrest of the Hyderabad-based diamond trader is a significant step in this direction and is expected to help the police in bringing the accused to justice.