US EditionJewellery boss in £170m scam told shop staff to pretend to be customers
Vashi Dominguez inflated diamond values and staged fake customer activity to secure investor funds, resulting in £170 million debt and business collapse in April 2023.
- In April 2023, Vashi Dominguez's jewellery retail chain collapsed with £170 million of debts across stores in London, Birmingham, and Manchester.
- The collapse followed years of inflated sales figures and valuations, including false claims that the company's diamond stock was worth £157 million when actual sales in 2021 were just £5 million.
- Vashi used elaborate tactics to deceive investors, such as instructing staff to pose as customers to create a busy store appearance and promising high-end diamonds at cheaper prices.
- Investor Mark Schneider expressed frustration that despite the clear and blatant nature of the fraud affecting many individuals in the country, authorities have made little effort to identify those responsible or to investigate the matter.
- After a court ordered the company wound up, Vashi fled to Dubai, and despite losses exceeding £100 million to investors, neither the Metropolitan Police nor the Serious Fraud Office initiated probes into the case.
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Sydney Morning HeraldReposted by 
The Age
The AgeJewellery boss ‘made staff pose as customers in $350 million scam’
In what could be the UK’s biggest diamond scam, Vashi Dominguez is also alleged to have had shop workers sit at work benches and pretend to be goldsmithing when business was faltering.
·Sydney, Australia
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Luxury jewellery retailer tricked investors by telling staff to pose as customers in UK's biggest diamond scam
The boss of a luxury gem retailer told staff to pretend to be customers and jewellery makers as part of the UK's biggest diamond scam, it has emerged.
·London, United Kingdom
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Coverage Details
Total News Sources10
Leaning Left4Leaning Right3Center1Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
13%
R 38%
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