In 2013, diamond dealer Vashi Dominguez rebranded his business, previously known as Diamond Manufacturers, to Vashi, and soon expanded to seven stores across London.
The company collapsed in 2023 with more than £170 million ($AUD350 million) in debt, and according to the report from BBC Panorama, Dominguez vanished.
The report alleges that investors were told that the company’s diamond inventory was valued at more than £150 million; however, a later assessment proved it to be around £100,000.
In the report, former sales staff alleged that they were instructed to sit at work benches and pretend to be goldsmiths or diamond-setters. It was described as a ‘total façade’.
"It was a whole elaborate show that Vashi would do with the clients, to show that they've got so many orders and this is how busy we are - this is why you should really be investing into Vashi," an individual explained.
Another former employee alleged that the company was purchasing smaller or lower-quality diamonds than customers had paid for and removing inscriptions.
The report details outrage from investors over a perceived lack of response from authorities at the Metropolitan Police and Serious Fraud Office.
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