Fake diamond worth Rs 3,500 sold for Rs 1.2 crore to businessman. Two arrested
Mohd Ather Siddique (52) and Mohd Salam Khan (39), who are in the pearls and gems business, were arrested from Abids area based on a complaint filed by the businessman, city police commissioner V V Srinivas Rao said today.
Siddique and Khan allegedly offered him a "25-carat diamond piece", according to the complainant.
"Believing them, the complainant purchased the diamond paying them Rs 1.20 crore on January 18. When he got it tested, it was found to be fake," Rao said.
The cheap material resembling the diamond was used for making buttons, he said.
As per the investigation, Siddique and Khan had suffered losses in their business and needed money, so they hatched the plan to pass off a fake diamond as a real one.
They purchased a fake diamond for Rs 3,500 from the Sunday market at Charminar and sold it to the complainant.
Police also recovered Rs 1.15 crore and one diamond selector-II Testing device among other jewellery equipment from the duo. Further probe is on, commissioner Rao said.