Mumbai: A diamond trader from Opera House has filed a police complaint in D B Marg police Station alleging he was defrauded of diamonds worth ₹3.6 crore by a business associate under the pretext of a high-value deal with a client in Bengaluru.
Santosh Balkrishna Lonandkar (60), a resident of Bangadwadi, VP Road, Mumbai, who has been in the gems and jewellery import-export business for the past 35 years, alleged that he was duped by Pushpendra Angara, a known associate he had been doing business with for several years.
According to Lonandkar’s complaint, Angara approached him on October 9, 2024, claiming he had a buyer in Bengaluru seeking to purchase approximately 500 carats of white full-cut diamonds, specific size category. Angara promised that once the client approved the quality of the diamonds, payment would be made in full, either by cheque or in cash.
Convinced by Angara's proposal and past business reliability, Lonandkar arranged the required 507.04 carats of diamonds, purchased at the prevailing market rate of ₹71,002 per carat, totaling ₹3,60,00,900. The diamonds were handed over to Angara on October 22, 2024, under a formal jangad (consignment) receipt signed by both parties. Angara assured that he would return within 10 days after delivering the diamonds and collecting payment from the buyer.
Later, Angara returned and issued a cheque drawn on Private Bank for the full amount of ₹3.6 crore, asking Lonandkar to deposit it after Diwali. However, when the cheque was presented for clearance on November 5, 2024, it was dishonoured with the remark "Refer to Drawer". Attempts to contact Angara failed as his phones were switched off and his residence found locked.
Lonandkar, feeling cheated and mentally distressed, sent a legal demand notice under Section 138 of the Negotiable Instruments Act to Angara on December 3, 2024. The registered post was not accepted by the recipient, and the notice had to be pasted on the door of Angara’s residence after repeated failed delivery attempts.
Based on this, Lonandkar filed a police complaint alleging that Pushpendra Angara fraudulently obtained high-value diamonds under false pretenses and misappropriated them, amounting to criminal breach of trust and cheating. The D B Marg police have registered a case under Sections 318(4) and 316(5) of BNS and begun investigation.
