Jammu: A Hyderabad businessman’s plan to invest in rare blue sapphires ended in fraud after he was allegedly cheated out of ₹3 crore by a group posing as gemstone dealers, Jammu and Kashmir Police said on Wednesday.
Acting on the complaint, police managed to recover ₹62 lakh from the accused and have initiated legal proceedings to attach their properties under Section 107 of the Bharatiya Nagarik Suraksha Sanhita (BNSS). This provision allows for property to be attached and forfeited to help restore the defrauded amount to the complainant, officials added.
According to police, Mir Firasath Ali Khan from Hyderabad filed a complaint at Bahu Fort police station last year, alleging that several individuals from Jammu attempted to sell him fake diamonds, claiming they were the famous Kashmir blue sapphires.
The investigation, led by Sub-Divisional Police Officer Bakshi Nagar, Satish Bhardwaj, uncovered a wider conspiracy involving Mohammed Rayaz of Rajouri and Mohammed Taj Khan of Surankote in Poonch—both currently residing in Jammu—along with their associates. Together, they allegedly duped Khan of ₹3 crore and tried to convince him to invest a total of ₹25 crore in counterfeit gemstones, police said.
During the probe, police recovered numerous fake sapphire necklaces used in the scam. The court has already released the recovered ₹62 lakh to the complainant, officials said.
Police further noted that properties bought by the accused using the proceeds of the crime have been identified and the process for legal attachment has been initiated to recover more of the cheated funds.
