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4w ago

Jammu Police Recover Rs 62 Lakh in Sapphire Fraud and Invoke New Law to Seize Assets

The first application of Section 107 of the BNSS lets courts attach assets purchased with illicit proceeds to compensate a businessman cheated out of ₹3 crore

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

Overview

  • A Hyderabad businessman, Mir Firasath Ali Khan, alleged he was duped of ₹3 crore by suspects posing as Kashmir Blue Sapphire dealers
  • A probe led by SSP Joginder Singh, SP Ajay Sharma and SDPO Satish Bhardwaj uncovered a wider conspiracy and identified Mohammed Rayaz and Mohammed Taj Khan as prime accused
  • Officers seized numerous counterfeit sapphire necklaces and recovered ₹62 lakh, which was restored to the complainant by court order
  • Investigators traced properties bought with the remaining proceeds and have moved to attach them under Section 107 of the BNSS
  • The case represents one of the first uses of the BNSS’s victim-centric forfeiture provisions to bolster restitution in white-collar crime