JAMMU– A sophisticated scam involving fake gemstones has cost a Hyderabad businessman ₹3 crore, with fraudsters posing as dealers of rare Kashmir blue sapphires.
The elaborate scheme began to unfold when Mir Firasath Ali Khan, a prominent businessman from Hyderabad, was approached by a group claiming to possess highly coveted Kashmir blue sapphires. These gemstones, renowned for their exceptional rarity and value, were presented as an irresistible investment opportunity. The fraudsters, operating out of Jammu, meticulously built trust, showcasing what appeared to be genuine articles and painting a picture of immense profits. Lured by the promise of acquiring these precious stones, Mr. Khan was convinced to make an initial investment of ₹3 crore. The perpetrators even attempted to push for a much larger commitment, urging him to invest a staggering total of ₹25 crore in what were, in reality, worthless counterfeit diamonds.
Unraveling the Deception
As the deal progressed, Mr. Khan began to harbor suspicions about the authenticity of the gemstones. The initial excitement gave way to a growing unease as he likely sought expert opinions or noticed inconsistencies in the fraudsters’ claims. Upon realizing the true nature of the transaction – that he had been sold fake diamonds under the guise of rare sapphires – Mr. Khan promptly lodged a complaint with the authorities. His quick action was crucial in initiating the police investigation that followed.
The Police Action and Recovery
Responding swiftly to Mr. Khan’s complaint, the police launched a thorough investigation. Their efforts led to the identification and apprehension of the individuals involved in the fraudulent operation. Through diligent police work, a significant portion of the cheated amount, specifically ₹62 lakh, was successfully recovered from the accused. This recovered sum was subsequently presented before the court, which, after due process, ordered its release back to Mr. Khan, providing some immediate relief to the victim.
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Pursuit of Further Assets
While the recovery of ₹62 lakh is a positive step, the police are not stopping there. Investigators have continued their probe, meticulously tracing the flow of the ill-gotten gains. Their efforts have led to the identification of various properties and assets that the accused had acquired using the proceeds from the scam. To ensure maximum recovery for the victim, legal proceedings have been initiated to attach these identified properties. This ongoing process aims to seize these assets, liquidate them, and return as much of the remaining ₹3 crore as possible to Mr. Khan, underscoring the authorities’ commitment to bringing the perpetrators to justice and compensating the victim.