Mumbai, Jan 19: The Economic Offences Wing (EOW) of Mumbai Police has initiated a preliminary enquiry (PE) into an alleged diamond fraud case involving Cupid Diamonds Pvt Ltd. The company’s director, Nimesh
Piyush Mehta alias Tony, has accused several individuals of cheating him of approximately Rs 34.75 crore.
Three named in complaint
Based on the complaint, the police have begun an inquiry against three persons—Satish Daryanani, Ricky Vasandani, and Bollywood actor Vivek Oberoi—for their alleged involvement in the fraud.
Alleged offences over four years
According to the complaint, the alleged offences took place between 2021 and September 2025. The accused allegedly conspired to defraud the complainant using multiple methods over this period.
Trust gained through small transactions
Initially, the accused purchased small quantities of diamonds and made timely payments to gain the complainant’s trust. After winning confidence, they allegedly proposed a large business deal by promising a 25 per cent shareholding in their Dubai-based IPO of “Solitario Diamonds.”
Post-dated cheques bounce
Once they procured high-value diamonds in bulk, the accused issued post-dated cheques (PDCs) but later stopped payment, resulting in the cheques bouncing.
During the inquiry, serious allegations surfaced that the accused forged the signatures of Milan Shah, the second director of the complainant’s company. They allegedly created fake company logos, labels and stamps to facilitate the fraud.
Low-quality stones allegedly sent back
An officer revealed that the accused even tried to mislead the complainant by sending back low-quality stones through courier, falsely claiming they had returned the original diamonds.
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The EOW has formally registered a preliminary enquiry in the case and is now examining all aspects of the alleged financial irregularities to uncover the full scale of the multi-crore fraud.
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