Mumbai: Diamond broker Mehul Zaveri finally arrested in multi-crore fraud

Mehul Javeri, the diamond broker

Mehul Zaveri, the diamond broker, was arrested by BKC police who tracked him down. He had been evading arrest, keeping his cell phone switched off, but the police located him through a combination of technical investigation and human intelligence.

"On Friday, we traced Mehul Zaveri by tracking his location and arrested him. We are investigating the matter," said Dixit Gedam, DCP, Zone 8.

The issue surfaced when the complainant filed an FIR at the BKC police station on February 14, accusing Mehul Zaveri of robbing diamonds worth Rs 7.50 crore. The complainant, who had a longstanding association with Zaveri, claimed that Zaveri not only failed to return the diamonds but also switched off his phone.

As per the police, Zaveri and his assistant reportedly entered a diamond shop, providing a promissory note that promised the return of diamonds valued at Rs 8.12 crore. Upon their return, they received another promissory note for diamonds worth Rs 16 lakh. The police suspect that Zaveri, may have looted diamonds worth Rs 7.50 crore from 25 diamond jewelers between November 2023 and February 2024. Allegedly, he would issue promissory notes and then become unresponsive, failing to return the diamonds.

Rs 7.50cr
Amount swindled from jewellers