Two Arrested over $540,000 Online Diamond Fraud
October 13, 25
(IDEX Online) - Two men have been arrested in India, accused of a sophisticated online fraud in which they obtained diamonds worth $542,000 (Rs 4.80 crore).
They and their accomplices allegedly posed as genuine US-based buyers on the RapNet trading platform.
They negotiated the purchase of diamonds from six traders in Surat, had the stones shipped, then disappeared without paying.
Police in Surat say they have arrested two men from the city - named as Nikunj Ambaliya and Mitul Goti - and are pursuing eight other suspects.
Officers were first alerted by trader Sanjay Goti, who sold a $90,000 diamond to man who identified himself as Arson Isaco.
Payment was due within seven days. But Goti became concerned when "Arson Isaco" made excuses, then switched off his phone and failed to pay.
Five other traders subsequently came forward with similar accounts, relating to six diamonds.
Goti said he'd contacted a number of diamond firms in Surat and had confirmed that a buyer of that name existed.
The accused men posed as employees of US diamond firms and took delivery of the diamonds in Dubai, Hong Kong, and Bangkok, said Karanraj Vaghela, of Surat police.
"After investigations, we arrested Nikunj Ambaliya and Mitul Goti, and identified Chetan Suthar and Anuj Shah as co-accused. These four, along with six others, conspired to cheat reputed diamond traders in an international diamond fraud."