Diamond trader repays Rs 250 cr debt with his life

Diamond traders kept offices shut today after the news of a Belgium-based diamond merchant’s killing spread. Rajesh Himatlal Shah (42) was allegedy tortured to death by creditors, whom he owed Rs 250 crore.

Shah, who was reportedly taken for negotiating with his creditors, was found dead on the second floor of Phoenix Building, inside the restroom of the office of diamond trader Babubhai at about midnight. The building, located on Kelkar Marg near Lamington Road, is barely 500 m from the D.B. Marg police station.

Though the post-mortem report is awaited, initial investigations reveal that Shah was administered severe electric shocks. Police have picked up about 35 labourers, who were sleeping in the building, for questioning. They have also detained Paresh Mangokia (23), who worked for Babubhai, and are looking for at least seven to eight diamond traders, including Babubhai, ACP Satish Gaikwad said.