Ahmedabad: A Khokhra businessman has filed a complaint with the crime branch, alleging that he was cheated of diamonds and diamond jewellery worth Rs 5.4 crore in an elaborate trade fraud involving a Hyderabad agent.The 45-year-old complainant, who runs a diamond jewellery manufacturing and trading firm in Manek Chowk, stated in the FIR that he regularly supplies diamond jewellery to traders across the country. According to the complaint, filed on Tuesday, the alleged fraud began in early 2025, when a staff member working at his firm introduced him to a Hyderabad-based diamond market agent. The employee allegedly claimed that the contact could bring in significant business opportunities. During a subsequent visit to Hyderabad, the businessman was introduced to two traders who ran jewellery and diamond trading firms in the city. Initially, small transactions were carried out to build trust. Police said the accused purchased diamonds in April 2025 and later returned some goods, claiming they did not match their requirements, and the payment was refunded. Investigators said the accused then proposed a larger business arrangement, stating that they were planning to open a major showroom in the Madhapur area of Hyderabad. They requested the Ahmedabad trader to supply diamonds and diamond jewellery on credit, assuring him that the dues would be cleared once the showroom became operational. Between June and Oct 2025, the complainant supplied diamond and jewellery consignments through a logistics company. According to the documents submitted to police, the total consignment was worth approximately Rs 5.4 crore. Police said the traders issued nine cheques of Rs 4.9 crore as security against the consignments and promised payment after their showroom opened in Nov 2025. However, when the complainant deposited one of the cheques in Jan 2026, it was returned by the bank with the remark “account blocked”. When repeated attempts to contact the traders failed, the businessman travelled to Hyderabad only to find their office shut. Neighbours informed him that the traders had vacated the premises along with their families. Police also learned that the staff member who facilitated the introduction allegedly took diamond jewellery worth about Rs 5 lakh for displaying to clients and never returned it. The crime branch launched an investigation into the alleged conspiracy, examining banking records, logistics documents and phone call details to trace the suspects.
