H. Goldie India employee cheats many diamond companies of over Rs. 50 crore

Nirav Shah (3rd from Left) and Sharookh Kocheck (3rd from right)

Nirav Shah (3rd from Left) and Sharookh Kocheck (3rd from right)

Diamond business runs on ‘TRUST’. Here, diamond companies indulge in business worth millions on the basis of one’s market reputation and trust. There is no other guarantee needed here. And, why would need be? This is how, it works, echo many diamantaires.

It is not that there has never been breach of trust in the industry. But, diamond companies have always had mutually solved the problems in case of defaults.

This time, there has been not one but more than 30 diamond companies from Mumbai and Surat have been duped for diamonds worth Rs. 50 crore. The amount could be more than this as Diamond World is yet to get information on the exact quantum of the loss incurred.

Around 2013, Sharookh Kocheck, MD, H. Goldie (India) Ltd introduced Nirav Shah as an employee of H. Goldie India to many diamond companies in Mumbai and Surat. Nirav Shah was introduced as an employee who would conduct business in India on behalf of H. Goldie India. Till December 2014, diamonds worth crores of rupees were traded through Nirav Shah. However, in January 2015, Nirav Shah bought goods worth around Rs. 50 crore on memo from various diamond companies in Mumbai and Surat and eventually fled with the goods.

The diamond companies have filed an FIR. Even Nirav Shah was arrested but later was bailed out. Complaints to H. Goldie & Co. (UK) have released a statement saying that the ‘unauthorised transactions’ carried out by an employee of the Indian subsidiary of H. Goldie UK., viz. H. Goldie Consultants and Marketing India Pvt Ltd (“H. Goldie India”) without either the knowledge or consent of H. Goldie UK. “H. Goldie India has said that Nirav Shah is no more their employee so should not be held responsible for the business that was conducted. If this was so then why it was not made known to all the diamond companies,” said a diamond company.

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Henry Sapiecha

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