Employee cheats diamond exporter of Rs 93 crore

An employee of a Virar-based diamond exporter allegedly defrauded him of a staggering Rs 93 crore. The case, first registered with Virar police, has now been transferred to the local crime branch of Palghar. Sources informed that the victim is Yogesh Shah while the accused is Amit Master, a Virar resident who was working with Mr Shah.

According to Mr Shah’s police statement, he has a diamond exporting business and Master was tasked with selling the diamonds abroad. For the past two years, Master had been selling cheap diamonds at high prices without Mr Shah taking notice of his actions. Police sources said that Master used to sell these diamonds in China. “A few days ago, Master borrowed diamonds worth Rs 18 crore from Mr Shah and went to Shanghai, China, to sell them. There, he sold the diamonds for Rs 93 crore and later went missing along with all the money. It was only then that Mr Shah realised Master had been swindling him all along,” said a police official.

When Mr Shah realised Master was absconding, he checked with other businessmen in China who informed him about the Rs 93 crore deal. Soon, Mr Shah approached the police. Officials said inquiries have revealed Master shared the money with three more persons, his partners in China who helped him sell diamonds at exorbitant rates.