India, Sept. 11 -- The Economic Offences Wing (EOW) of the Mumbai Police has arrested a 29-year-old Hyderabad-based diamond trader for allegedly defrauding a Mumbai trader of diamonds worth Rs.11.25 crore, after first building his trust through small business transactions, police said.

The accused, Anand Singh Thakur alias Kunal, allegedly took diamonds worth Rs.6.7 crore and Rs.4.5 crore from complainant Ketan Choksi, who runs a diamond trading business in the Bandra Kurla Complex (BKC), on the pretext of showing them to prospective clients. The diamonds, weighing 3,370 carats, have not yet been recovered, police said.

According to the EOW, Thakur, along with Shivnarayan Pandey, allegedly conspired to establish a relationship of trust ...