The victims of the scam – which took place in the United Kingdom – believed they were making a “quick buck” by helping to sell diamonds to an international jewellery dealer.
According to multiple media reports, the taxi drivers drove the men around Greater Manchester for several days as they did “deals” selling diamonds and platinum nuggets.
The stones however, were said to be glass beads and the nuggets of platinum were actually reported to be iron pyrite though, confusingly, iron pyrite is often known as fool’s gold.
One taxi driver reportedly handed over £5,000 (AU$8,800) to the men, while a second borrowed £4,000 (AU$7,000) from a friend in order to be part of the deal. A third driver was said to have sensed it was a set-up and backed out before giving away any money.
The gang first struck in December 2010 and then again in May 2011.
Two men have since received suspended jail sentences after admitting conspiracy to steal. Rodney Albert Farson, 42, who posed as the jeweller, was given a 16-month jail sentence suspended for 18 months. He was ordered to do 160 hours of unpaid work.
Xolani Tshongwe, 32, played the part of a go-between and fixer. He was given a 12-month jail sentence suspended for 18 months and was also ordered to do 160 hours of unpaid work.
A third man who is said to have posed as the diamond seller was never found.
Police believed there could have been other taxi drivers involved who were too embarrassed to come forward.