In a major breakthrough, the Mumbai police have arrested Dishil Vijaybhai Kikani, a diamond broker from Gujarat, for his involvement in a fraudulent diamond transaction worth ₹31.28 lakh. The arrest, which took place on September 29, 2024, was made after an extensive investigation and tracking of the accused to his residence in Surat, Gujarat. The case has caused significant alarm within the city’s diamond trading community, as it highlights a severe breach of trust in an industry built on long-standing relationships.
The FIR (No. 589/2024) was filed by a prominent Mumbai-based diamond trading company, Trisha James, which operates out of the Bharat Diamond Bourse in Bandra-Kurla Complex (BKC). The company alleged that Dishil, who had been working as a broker for several years, fraudulently obtained diamonds worth ₹31.28 lakh by exploiting the trust he had built with the complainant over the years.
The Fraud Scheme
The complainant, a representative of Trisha James, stated in the FIR that he had known Dishil Kikani for over seven years through diamond transactions facilitated by another broker, Bhavesh Savani. Their previous transactions were completed without any issues, which built a sense of trust between the parties. Dishil, who operated his own diamond trading company called “Jagruti Jewels,” was known to be reliable and had handled multiple high-value transactions in the past.
On September 18, 2021, Dishil visited the complainant’s office at Bharat Diamond Bourse and claimed that he had a buyer interested in purchasing a large quantity of diamonds. Trusting Dishil based on their long-term relationship, the complainant handed over 97.77 carats of cut and polished diamonds valued at ₹31,28,640. The transaction was recorded on a Zangad receipt, a formal document used in the diamond market to track such high-value trades.
Dishil assured the complainant that the diamonds would be sold to the buyer, and payment would be made soon after the transaction. However, days passed, and the payment was not received. Dishil initially provided excuses for the delay, claiming that the buyer needed more time, but he later became unresponsive to the complainant’s calls and messages.
Discovery of Fraud
As time went on, the complainant became increasingly suspicious of Dishil’s behavior and started making inquiries in the diamond trading community. It soon came to light that Dishil had been involved in similar transactions with other brokers and traders, taking diamonds under the pretense of selling them but failing to deliver payment. Many brokers confirmed that they, too, had fallen victim to Dishil’s fraudulent schemes.
Upon realizing the extent of the fraud, the complainant filed an FIR with the BKC Police Station under Sections 409 (Criminal Breach of Trust) and 420 (Cheating) of the Indian Penal Code (IPC). The police immediately began investigating the matter, which led to further revelations about Dishil’s activities.
Arrest and Interrogation
Following the registration of the FIR, the police launched a manhunt for Dishil, who had fled to Surat, Gujarat. With assistance from the local authorities, the Mumbai police located and arrested him at his residence on September 29, 2024, around 12:05 PM. He was then transported back to Mumbai for further questioning.
Upon his arrest, Dishil was interrogated by the police, during which he reportedly confessed to his involvement in the fraudulent activities. According to the remand application, Dishil admitted to misappropriating the diamonds handed over by the complainant. He also acknowledged that he had failed to return the diamonds or make the payment as promised.
Police Remand and Ongoing Investigation
The police presented Dishil before the Metropolitan Magistrate’s Court, Kurla (Holiday Remand Court), where they sought a seven-day remand for further investigation. In their remand application, the police cited several reasons for requesting custody:
• They need to investigate whether Dishil had any accomplices or partners in the fraudulent transactions.
• The stolen diamonds, worth ₹31.28 lakh, have not yet been recovered, and the police believe Dishil may still have them or know their whereabouts.
• Additional complaints have been filed against Dishil by other brokers, which require further inquiry to understand the full scope of his fraudulent activities.
• The police are also investigating whether Dishil used the proceeds of his fraud for other illicit activities, and they need time to track his financial transactions.
The court granted the remand, allowing the police to continue their investigation into Dishil’s activities. The police are hopeful that with further interrogation, they will be able to recover the stolen diamonds and identify any co-conspirators involved in the scheme.
Fallout in the Diamond Industry
The case has sent shockwaves through Mumbai’s diamond trading industry, where trust and reputation are paramount. The community has been left wary of future dealings, as Dishil’s case highlights the vulnerabilities within an industry that relies heavily on personal relationships and trust rather than formal contracts. Many brokers have called for stricter regulations and verification processes to prevent similar frauds in the future.
As the investigation continues, traders across the city are keeping a close eye on developments, hoping for swift justice and the recovery of the stolen assets.
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