In a high-profile case of business fraud, three men have been arrested for allegedly cheating a diamond trader of Rs22.7 crore by posing as legitimate businessmen in the diamond and gold industry, Mumbai’s Economic Offences Wing (EOW) confirmed.
The accused were identified as:
Hemant Shah (48), alias Himanshu Shah
Shakeel Ahmed (53), alias Sameer Sanghani
Kaushal Kadam (35), alias Ashish Mane
The complainant, a trader operating from the Bharat Diamond Bourse in Bandra-Kurla Complex (BKC), was initially convinced of their credibility when Shah and Sanghani took diamond ornaments worth Rs1.25 crore, sold them, and returned the proceeds promptly.
Gaining trust, the accused later acquired ornaments valued at Rs22.75 crore. Soon after, they shut down their Khar-based office, switched off their phones, and disappeared.
The trader filed an FIR in April 2025, launching a full-scale EOW investigation.
Shah was arrested from his rented office in Vile Parle
Kadam was nabbed in Panchgani
Sanghani was caught in Jaipur
All three have been remanded to police custody until May 10. Interestingly, Shah and Sanghani are now blaming each other as the mastermind behind the crime, according to police sources.
