The diamond district in Manhattan has been rocked by the arrest of a notorious gemstone dealer, Manashe Sezanayev, who has been indicted for allegedly swindling his fellow merchants out of nearly half a million dollars in a sophisticated scheme involving fake diamonds.
According to prosecutors, Sezanayev lured reputable dealers to his store under the pretense of purchasing genuine diamonds from them. However, during the inspection process, he reportedly swapped the real diamonds with lab-grown imitations, pocketing three diamonds worth a total of $460,000.
Manhattan District Attorney Alvin Bragg described the scheme as short-lived, emphasizing the gravity of the allegations against Sezanayev. The 41-year-old dealer has pleaded not guilty to charges including grand larceny, a scheme to defraud, and criminal possession of a forged instrument.
This is not the first time Sezanayev has run afoul of the law. Back in 2017, he was among a group of individuals arrested on federal charges of defrauding diamond wholesalers out of $9 million. After pleading guilty, he served one year in prison and was ordered to pay restitution to one of the victims.
The recent charges against Sezanayev stem from incidents in which he allegedly substituted fake diamonds for real ones, complete with forged laser inscriptions from the Gemological Institute of America. Prosecutors have also accused him of attempting a similar scheme on another merchant, who discovered that his precious diamond had been replaced with a lab-grown fake.
Sezanayev’s attorney maintains his client’s innocence and asserts that he will await his day in court to defend himself against the allegations. The case has sent shockwaves through the diamond district, leaving merchants wary of potential fraud in the industry.
