Explained | What Is the ₹34.75 Crore Diamond Fraud Case Involving Vivek Oberoi?
Mumbai: Mumbai Police’s Economic Offences Wing (EOW) has begun a preliminary enquiry (PE) into an alleged ₹34.75 crore diamond fraud, in which actor Vivek Oberoi and two others have been named by the complainant. The case, still at the enquiry stage, centres around claims of cheating, forgery and misuse of high-value diamonds over several years.
Here is a clear breakdown of what the case is about and where the investigation currently stands.
Who filed the complaint?
The complaint has been filed by Nimesh Piyush Mehta alias Tony Mehta, a director of Cupid Diamonds Private Limited, a Mumbai-based diamond trading firm.
According to the complaint, the alleged fraud took place over a prolonged period, from 2021 to September 2025, and was carried out in a planned and systematic manner.
Who are named in the enquiry?
The EOW has initiated a preliminary enquiry against:
- Actor Vivek Oberoi
- Satish Daryanani
- Ricky Vasandani
At this stage, no arrests have been made and no FIR has been registered.
How was the alleged fraud carried out?
As per the complainant, the accused followed a step-by-step approach:
Trust-building phase:
Initially, small quantities of diamonds were purchased and payments were made on time to establish credibility.
Big-ticket deal:
Once trust was established, the complainant was allegedly persuaded to supply large consignments of high-value diamonds after being promised a 25 percent stake in the Dubai-based IPO of Solitario Diamonds.
Payment default:
Payments for these large consignments were made using post-dated cheques (PDCs). These cheques were later dishonoured after payment instructions were stopped, resulting in an alleged loss of ₹34.75 crore.
What are the forgery allegations?
During its preliminary assessment, the EOW has noted allegations that:
- Fake signatures of Cupid Diamonds’ other director, Milan Shah, were used
- Counterfeit logos, labels and company seals were created
- Documents were allegedly misused to legitimise transactions
What about the diamonds allegedly returned?
Investigators are also examining claims that:
- Low-quality gemstones were sent back via courier
- Documentation showed the return of original diamonds
- This was allegedly done to mislead the complainant into believing the high-value diamonds had been returned
What is the status of the investigation?
The EOW has formally registered a preliminary enquiry and is scrutinising:
- Financial transactions
- Transaction-related documents
- Courier records
- Practices followed in the diamond trade
Officials have said the findings of the PE will determine whether a formal FIR is registered and whether further criminal proceedings follow.
Why is the case significant?
The case has drawn attention due to:
- The large monetary value involved
- Allegations of complex financial and trade-related fraud
- The naming of a prominent Bollywood actor
The involvement of cross-border business elements, including a proposed Dubai IPO
