Hyderabad Businessman's Sapphire Scam Nightmare

A businessman from Hyderabad was deceived in a sapphire investment scam, losing Rs 3 crore to fraudsters posing as gemstone dealers. Police have recovered part of the funds and are pursuing legal actions to recover more. The scheme involved fake gemstones and a broader conspiracy linking several individuals.

A Hyderabad businessman's dream turned disastrous after he was duped of Rs 3 crore while attempting to invest in rare blue sapphires, authorities announced on Wednesday.

The Jammu and Kashmir Police reported the successful recovery of Rs 62 lakh from the fraudsters, with legal steps underway to seize properties belonging to the accused. The plight of Mir Firasath Ali Khan was uncovered when he reported being misled by individuals selling counterfeit sapphires.

Upon investigation, police discovered an extensive conspiracy involving Mohammed Rayaz and Mohammed Taj Khan, both linked to the sale of fake gems. The legal process to reclaim assets acquired through the fraud under Section 107 of the BNSS is ongoing, as authorities work to prevent such deceptive schemes.

(With inputs from agencies.)