Jammu, July 8: A Hyderabad-based businessman’s plan to invest in rare blue sapphires turned into a multi-crore fraud, as he was duped of ₹3 crore by conmen posing as gemstone dealers, the Jammu and Kashmir Police said on Wednesday.
Mir Firasath Ali Khan, the victim, lodged a complaint at Bahu Fort Police Station last year, alleging that a group of individuals from Jammu tricked him into purchasing fake diamonds falsely marketed as high-value Kashmir blue sapphires. The accused promised him gems worth ₹25 crore, but investigations revealed they had supplied counterfeit stones.
Following the complaint, police registered an FIR and launched an investigation which uncovered a larger conspiracy. The main accused were identified as Mohammed Rayaz from Rajouri and Mohammed Taj Khan from Surankote in Poonch, both currently residing in Jammu. Their associates were also found to be part of the fraudulent scheme.
A police team led by Sub-Divisional Police Officer Bakshi Nagar, Satish Bhardwaj, successfully recovered ₹62 lakh, which was subsequently returned to the complainant after court approval. In addition to the cash, several fake sapphire necklaces were seized during the investigation.
Police said the accused had acquired property using the cheated money. Legal proceedings have now been initiated under Section 107 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), allowing authorities to attach and potentially forfeit properties to help restore the full amount lost by the complainant.
Officials confirmed that the case highlights a growing trend in high-value gemstone frauds and emphasized the importance of verifying sellers before engaging in such transactions. The investigation is ongoing, and further recoveries are expected. (Agencies)
