Mumbai, Apr 15 (PTI) Two diamond traders were allegedly cheated in separate incidents in Mumbai, with the police investigation revealing a near identical modus operandi, an official said on Tuesday.

In both instances, traders lost diamonds worth Rs 3.12 crore, which they had loaned to the accused persons who are known to them.

Police booked three persons for cheating and criminal breach of trust by registering separate FIRs and launched investigations, a BKC police station official said.

One of the victims owns a unit on BKC Diamond Bourse. He was allegedly approached by Shalibhadra Kothari in July 2023. The trader loaned an 8-carat diamond, valued at Rs 2.03 crore, to Kothari who promised to either make payment or return the diamond within a few days, but never returned.

In another case, Nishit Mehta and Vishal Shah were booked for not returning diamonds worth Rs 1.09 crore, police said.

Police suspect that the trio might have targeted other traders. A search is on to nab the accused. PTI ZA NSK