The accused passed off a stone worth Rs 3,500 as an original 25 carat diamond, worth Rs 1.15 crore.

Two held for selling coat button as diamond worth Rs 115 cr in HydImage: Hyderabad City Police
news Crime Thursday, February 01, 2018 - 08:14

The Hyderabad police on Wednesday arrested two people for duping a businessman of Rs 1.15 crore by passing off a coat button as a diamond. 

The accused were identified as 39-year-old Mohammed Salam Khan from Medak and Mohammed Ather Siddique (52), from Asif Nagar. The police said that both of them were in the diamond business. 

On credible information, sleuths of the Commissioner’s Central Zone Task Force seized net cash of Rs. 1,15,20,000 besides one duplicate diamond, one diamond selector-II testing device, one dick smith electronic weighing machine, one Ultra violet rays machine, one table diamond selector light, one diamond clipper and a crown gem cleaner, besides cell phones from the possession of accused.

In his complaint, the businessman stated that Salam approached him and claimed that the accused were in possession of an original 25 carat diamond, which has a huge worth in the market.

Believing them, the complainant purchased the diamond, before testing it on January 25, and finding out that it was nothing but a normal moissanite stone. He then approached the Abids Police and filed a complaint. 

The victim and the two accused were former colleagues who used to work at a Jewellery shop in Nampally.

The police said that the accused had suffered losses in their business and they were in a financial crisis. To overcome their debts, the duo hatched a plan to cheat the complainant, as the latter had many investors who would led him the large sum of money.

The accused then purchased a fake diamond on January 14, at Charminar Sunday market, for Rs. 3,500, before selling it for Rs 1.15 crore. 

When the complainant thought of selling the stone in the open market and took it for valuing, he was shocked to learn that the diamond was fake, and was only used as a button for coats and shirts.

 

 

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