Surat Diamond Firm Woman Director Arrested in Rs 41.50 Cr Fraud Case

Mumbai: In a major development, the Mumbai Police’s Economic Offenses Wing (EOW) has arrested Ashaben Vanani, a director of Surat-based diamond firm Niru Impex, in connection with a Rs 41.50 crore fraud case. The arrest follows a complaint filed by Mumbai-based diamond company Sameer Gems, alleging that Niru Impex had purchased rough diamonds worth the aforementioned amount but failed to make the stipulated payment within the agreed-upon timeframe of 120 days.

According to the complaint, Niru Impex had purchased rough diamonds from Sameer Gems and provided documents guaranteeing payment within 120 days. However, upon the expiry of the deadline the payment was not made, prompting Sameer Gems to file a police complaint alleging fraud.

Following the complaint, the Mumbai Police launched an investigation into the case. During the investigation, it was discovered that Vanani had allegedly purchased properties in Valsad under the name of another woman associated with Niru Impex, in an attempt to conceal assets. This discovery led to Vanani’s arrest in Surat by the EOW.

Sources close to the investigation have revealed that documents submitted by Niru Impex, including the power of attorney, are also suspected to be forged. The investigation is ongoing, and further arrests are not ruled out.

It is important to note that while Vanani has been arrested, another director of Niru Impex has been granted anticipatory bail in this case. The anticipatory bail application of other directors is currently pending in the Bombay High Court.

This arrest has sent shockwaves through the diamond industry, raising concerns about fraudulent practices and the need for stricter regulations. The case is being closely watched by industry stakeholders, and its outcome could have significant implications for the diamond trade in India.