Surat Diamond Trader duped of Rs 1 crore, accused arrested

Surat | Gujarat — The glittering diamond industry of Surat has once again been tarnished by fraud. In a shocking case of betrayal, a Surat diamond merchant was duped of more than ₹1 crore by a fellow trader, shaking the trust-based foundations of this billion-dollar industry. The ECO Cell (Economic Crime Prevention Branch) has arrested the main accused, Jimit Savani, while investigations continue into the possible involvement of his father Jitendra Savani and brother Ritvik Savani.

According to police sources, Jimit Savani gained the victim merchant’s confidence by claiming that his family ran a large-scale diamond business in Mumbai. On this basis, he procured a huge consignment of natural LB diamonds with an agreement to make full payment within 45 to 60 days.

Only Partial Payment Made

Between April 30 and September 26, Jimit purchased diamonds worth ₹1,35,72,580. Shockingly, he only made a partial payment of ₹34,79,800, leaving over ₹1 crore unpaid. Despite repeated follow-ups, the accused kept stalling the victim with empty promises. Finally, Jimit, along with his father and brother, blocked the merchant’s phone number, cutting off all communication.

“This is not just about money; it is about broken trust. The diamond industry thrives on credibility, and incidents like these are making honest traders fearful,” said a senior trader from Varachha diamond market, reacting to the case.

Swift Police Action

The cheated merchant lodged a complaint with the ECO Cell, which acted swiftly. Based on evidence and testimonies, the team arrested Jimit Savani. Investigations are now underway to determine whether his father and brother were active participants in the fraud or if they knowingly allowed their names to be misused.

“We are investigating all angles, including whether this was a family-run scam or part of a larger network,” said an ECO Cell officer. “Our priority is to ensure justice for the complainant and restore confidence among diamond merchants.”

Wider Concerns in Surat’s Diamond Trade

Surat, often referred to as the diamond capital of the world, exports polished diamonds to global markets. However, incidents of fraud and non-payment have begun raising serious concerns. Industry insiders warn that repeated betrayals could damage Surat’s reputation internationally.

“Frauds like these weaken our industry’s global standing. Immediate and strict action is the only way to send a strong message,” said a representative of the Surat Diamond Association.