India, July 9 -- A Hyderabad businessman's dream to invest in rare blue sapphires cost him dear after he was duped of Rs.3 crore by fraudsters posing as gemstone dealers, Jammu and Kashmir Police said on Wednesday.

Police helped the businessman recover Rs.62 lakh and have initiated legal proceedings to attach properties of the accused under Section 107 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), under which property can be attached and forfeited to restore the cheated amount to the complainant, according to officials.

Mir Firasath Ali Khan from Hyderabad lodged a complaint at Bahu Fort police station last year, alleging that some people from Jammu tried to sell him the fake diamonds claiming they were the renowned Kashmir blue sap...