Surat diamond broker held for ‘cheating’ traders of Rs.13.32 cr
According to the Economic Offences Wing (EOW) of the Surat Police, Alpesh Shah, owner of Ratnayogi Diamonds and Agna Diamonds at Mini Bazaar, Varachha, had lodged a complaint of cheating against the accused last year.
ACP of the Surat EOW branch, G A Sarvaiya said, “During interrogation, the accused had confessed that he had sold diamonds to different parties in Mumbai. The money from that sale was then lost in a cricket betting racket. We are trying to identify the names of the parties to whom he had sold the diamonds to.”
A diamond broker in Surat was arrested for allegedly defaulting on a payment of Rs. 13.32 crore for natural diamonds. The accused allegedly lost all his money in a cricket betting racket, having taken the diamonds on credit from traders to sell them to diamond merchants in Kolkata, Hyderabad and Mumbai. The accused has been identified as Sahil Hasmukh Shah (43), a resident of Parle Point in Surat.
According to the Economic Offences Wing (EOW) of the Surat Police, Alpesh Shah, owner of Ratnayogi Diamonds and Agna Diamonds at Mini Bazaar, Varachha, had lodged a complaint of cheating against the accused last year.
Alpesh Shah had alleged in his complaint that Sahil Shah had contacted him last year and told him that he knew some diamond merchants in Mumbai, Hyderabad, and Kolkata who wanted to buy natural polished diamonds in huge quantities. Sahil also gave the same offer to diamond merchants Premal Shah and Dhiru Diyora.
Police sources said that Sahil took natural polished diamonds weighing 1210 carats worth Rs. 5.86 crores from Alpesh Shah, 1298 carats worth Rs. 6.50 crores from Premal Shah and 177.86 carats worth Rs. 95.74 lakh from Dhiru Diyora to sell it to buyers in Mumbai, Hyderabad and Kolkata between the time period of 22nd April 2025 to 16th June 2025. Police sources said that after the credit period ended, Sahil did not repay the amount or return the diamonds, making excuses for the delay.
ACP of the Surat EOW branch, G A Sarvaiya said, “During interrogation, the accused had confessed that he had sold diamonds to different parties in Mumbai. The money from that sale was then lost in a cricket betting racket. We are trying to identify the names of the parties to whom he had sold the diamonds to.”
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