Mumbai EOW arrests Hyderabad trader in alleged ₹11 crore BKC diamond fraud
Mumbai Police say diamonds worth more than ₹11 crore, allegedly obtained on credit from BKC trader Ketan Choksi, have not been recovered.
Mumbai EOW arrested a Hyderabad diamond trader in a case involving diamonds allegedly obtained on credit from a BKC business. Police are tracing others.
Ketan Choksi, who runs a diamond trading business in Bandra Kurla Complex, allegedly handed over 3,370 carats of diamonds after being told they would be shown to prospective clients. Mumbai Police’s Economic Offences Wing said the diamonds, valued at more than ₹11 crore, have not been recovered.
The EOW has arrested 29-year-old Hyderabad-based trader Anand Singh Thakur, also known as Kunal. Police allege that Thakur and Shivnarayan Pandey gained Choksi’s confidence through smaller transactions between September 2025 and January 2026 before obtaining diamonds valued at ₹6.7 crore and ₹4.5 crore on credit.
Investigators said Thakur had operated Swastik Diamond Shop in Himayat Nagar, Hyderabad, for a short period. Police allege that he obtained diamonds on credit from other traders before the shop closed.
Police said they are tracing Arjun Pandey, Madan Sisodiya, Akbar Khan and Abhishek Vaidya. The case was registered in May on allegations of cheating, criminal breach of trust and criminal conspiracy.
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