3 weeks ago
Mumbai diamond trader flees with diamonds worth Rs 4 crore
A man in Mumbai who sells diamonds is in trouble with the police.
His name is Smit Shah, and he owns a diamond company.
He took diamonds from other traders to sell them for them.
He promised he would pay them back later.
But instead of paying, the police say he ran away with the diamonds.
The diamonds are worth about four crore rupees, which is a very large amount of money.
One of the traders, a company called Stellar Gems, told the police what happened.
The police registered a case of cheating against Shah.
Now the police are searching for him to ask questions.
Police registered a case of cheating and criminal misappropriation against diamond trader Smit Alpeshbhai Shah.
Shah allegedly fled after taking diamonds worth around Rs 4 crore from several traders at the Bharat Diamond Bourse (BDB).
Stellar Gems Private Limited supplied diamonds weighing around 983 carats to Shah's firm across several consignments for sale.
Shah allegedly stopped responding to calls and messages after June 2026 despite repeated payment follow-ups.
Police said Shah may have taken diamonds from other BDB traders under similar arrangements and are now searching for him.
- Who
- Accused diamond trader Smit Alpeshbhai Shah; the complaint was filed by Mrugesh Hasmukh Shah, sales manager of Stellar Gems Private Limited.
- What
- Shah allegedly misappropriated diamonds worth around Rs 4 crore that he had taken from multiple traders at the Bharat Diamond Bourse for sale, without returning the goods or clearing dues.
- Where
- Bharat Diamond Bourse (BDB) in the Bandra-Kurla Complex (BKC), Mumbai; case registered by the BKC police.
- When
- The case was registered around August 8, and Shah allegedly stopped responding to calls and messages after June 2026.
- Why
- Shah allegedly gained traders' confidence with timely initial payments before defaulting, and was suspected of setting up a bogus company to cheat diamond traders.
Key facts
- Accused
- Smit Alpeshbhai Shah, diamond trader
- Complainant
- Mrugesh Hasmukh Shah (sales manager, Stellar Gems Private Limited)
- Value of diamonds
- Around Rs 4 crore
- Weight of diamonds
- About 983 carats
- Location
- Bharat Diamond Bourse, Bandra-Kurla Complex, Mumbai
- Police station
- Bandra-Kurla Complex (BKC) police
- Offence registered
- Cheating and criminal misappropriation
- Timeline
- Payments defaulted; Shah unreachable after June 2026
Sources
Related news
French Tourist Alleges ₹98 Lakh Diamond Fraud in Mumbai
Fake Cops Rob Man Carrying ₹25 Lakh Gold, Diamonds
Sanpada Businessman Allegedly Cheated Of ₹10.16 Lakh In Fraud
Former CFO Arrested in Alleged ₹1.19-Crore Mumbai Fraud
Two Bank Agents Booked in Alleged Mumbai Flat Scam
Mumbai EOW Arrests Vadodara Man In ₹16 Crore Share Fraud
Bombay High Court Orders Clean-Up After MCA Kitchen Roaches
Maharashtra FDA Suspends Five MCA Food Outlet Licences
MMRDA Plans Independent Oversight for Mumbai Pod Taxi
MCA Club BKC Food Services Shut Over Hygiene Violations
Mumbai-Ahmedabad bullet train: Surat station nears completion, BKC work advances
