Looted Legacy:
Exposing the Criminal Dynasty
of the Kishor Mehta Line
Behind the Diamonds: The Key Figures in the Kishor Mehta Financial Web
"Like Nirav Modi before Nirav Modi—take a loan, change directors, flee."
Explorable Family Tree
The central figures behind the diamond frauds, offshore laundering, and global asset concealment.
First Generation
Kishor Mehta
Patriarch
Patriarch of the Mehta diamond Fraud architect of key offshore structures.
Kishor Mehta
Patriarch
Investigation Details:
Founded Crystal Gems in 1985. Established multiple offshore entities in BVI and Cayman Islands. Key architect of the diamond trading network that would later become central to the investigation.
Charu Mehta
Wife & Co-conspirator
Wife of Kishor; involved in front-end real estate and account consolidation.
Charu Mehta
Wife & Co-conspirator
Investigation Details:
He was wanted by Interpol and arrested in 2006. Coordinated account consolidation efforts. Under investigation for her role in asset transfers and property acquisitions.
Second Generation
Rajesh Mehta
Director
Interpol Red Notice • Arrested in Antwerp • Subject of BVI and ED investigations
Rajesh Mehta
Director
Investigation Details:
Interpol wanted him. Arrested in Antwerp in 2006 on diamond fraud charges. Subject of ongoing BVI and Enforcement Directorate investigations. Believed to be coordinating operations from Europe.
Rajiv Mehta
Shell Company Director
Director of Crystal Gems and linked shell companies • Under RBI scrutiny
Rajiv Mehta
Shell Company Director
Investigation Details:
Serves as director of Crystal Gems and 12 related shell companies. Under Reserve Bank of India scrutiny for suspicious transactions. Manages day-to-day operations of the diamond trading network.
Prashant Mehta
Asset Manager
Involved in hidden asset transfers and succession planning in the UK & UAE & Switzerland
Prashant Mehta
Asset Manager
Investigation Details:
Specializes in hidden asset transfers and succession planning. Maintains operations in UK and UAE and Switzerland. Key figure in the family's offshore wealth management strategy.
Global Fraud Timeline
An overview of major events, arrests, and legal actions spanning over two decades and multiple jurisdictions.
Fraudulent Diamond Trading.
Kishor Mehta and his sons establish a sprawling diamond export-import operation. Shell companies appear in BVI, Dubai, Mauritius, Hong Kong, Jamaica, Isle of Man and Belgium.
Internal Restructuring Agreement Signed
Amid increasing tensions over governance and asset control, members of the Mehta family entered into a confidential restructuring accord. The agreement involved multiple generations and was designed to address disputes between four brothers and their heirs. While details remain sealed, this marks a critical juncture in the family’s internal financial and administrative fragmentation.
Legal Battles Begin
First major lawsuits filed in Belgium and BVI (Vijay v Rajesh – VRL deadlock) and Hong Kong (Hostile EGM blocked by court). Triggers decade-long litigation trail.
Massive Loan Defaults Surface
Companies controlled by Prashant Kishor and Rajesh and Rajiv begin defaulting on bank loans. HDFC, BNP Paribas, and ING initiate action. Auditor resignations noted.
Enforcement Directorate & RBI Investigations (India)
FERA violations reported. Crystal Gems and affiliated companies flagged for fictitious billing and remittance manipulation.
International Legal Proceedings Escalate
Judgments accumulate across BVI, India, and Belgium. New property links to New Jersey (USA), London, Sardinia, Mumbai, Belgium revealed.
Continued Flight from Justice
Rajesh and Prashant Mehta fail to appear in courts. Shell firms reactivated in Dubai under new director names. Travel Ban on Rajesh since 2024 by HDFC
📊Timeline Summary
Modus Operandi
The Kishor Mehta criminal network operated through a repeatable, transnational pattern of fraud, bank deception, and corporate restructuring. Here's how they did it.
Shell Company Creation
Establish fake trading entities across multiple jurisdictions
Examples:
- •Beautiful Diamonds (India)
- •Symphony Gems (Belgium)
- •Crystal Gems (Hong Kong)
- •VRL / Valuable Resources Ltd (BVI)
Purpose:
To build a paper trail of fake import/export activity and allow cross-border fund movement
Forged Documentation & Bank Loans
Produce fake EPCs and EPDs to apply for bank loans
Examples:
- •HDFC Bank (India)
- •BNP Paribas (Belgium)
- •ING (EU)
- •Approx 35 Banks
Red Flag:
Auditors resigned or flagged "unverifiable transactions" on multiple occasions
Offshore Transfers & Layering
Move funds into private accounts via offshore havens
Jurisdictions Used:
- •VP Bank (BVI)
- •HSBC (Hong Kong)
- •Scotiabank (Cayman Islands)
- •Swiss Accounts (via HSBC leaks)
Purpose:
To obfuscate origin of funds, evade regulators, and set up fall-back accounts in case of seizure
Director Swaps & Entity Collapse
Replace directors with proxies or dissolve companies after loan defaults
Cycle:
- •Default → Rename → Restructure → Repeat
- •Symphony Gems filed for bankruptcy
- •Directors could not be reached
- •Paid directors to go to jail allegedly
Purpose:
Create continuous cycle of fraud while avoiding accountability
Global Pattern of Deception
"This pattern has been repeated across at least 10 jurisdictions, creating a smoke screen of legitimacy that deceived banks, investors, and regulators for over two decades."
Legal Judgments & Case Files
Criminal activity leaves a legal footprint. This section brings together official court records, enforcement actions, and regulatory inquiries tied directly to Kishor Mehta and his network—across five jurisdictions.
Reserve Bank of India – Crystal Gems Inquiry
Crystal Gems, a Mehta-run diamond exporter, was flagged by RBI auditors for unexplained fund inflows. This triggered a compliance audit and report forwarded to the Enforcement Directorate.
ED: FERA & Enforcement Actions
Multiple summons and notices were issued under the Foreign Exchange Regulation Act (FERA), targeting Rajesh Mehta for round-tripping funds through Dubai and Hong Kong.
Bombay High Court – HDFC v. Rajesh Mehta
Rajesh Mehta was prohibited from leaving India due to pending fraud litigation initiated by HDFC Bank after a forensic audit exposed over ₹200 crore in questionable loan drawdowns.
Family Court – Kishor v. Rajesh Mehta
Filed in 2008 during internal Mehta family disputes, the petition details Kishor Mehta's legal attempt to remove Rajesh from corporate directorships in light of his criminal exposure.
Complete Document Archive
Download the complete ZIP archive of all verified court documents and legal records
"The paper trail is global. The legal evidence is real. This isn't speculation—this is the public record."
Media Vault
Investigative journalism and leaked documents have played a critical role in exposing the Mehta crime syndicate. This vault curates top media coverage, forensic exposés, and whistleblower leaks—across multiple continents.
Diamond Tycoon Tied to Rs 300 Cr Smuggling & Hostage Plot
Explores Rajesh Mehta's alleged links to a forced disappearance in Mumbai after a deal turned sour. Includes quotes from police and customs officials.
Interpol Warrant for Rajesh Mehta: ED Targets Diamond Tycoon
Investigates the financial trail flagged by ED, from Symphony Gems to offshore entities in Dubai and Hong Kong.
UK Court Sanctions Diamond Mogul's Counsel for Forgery
A high-profile case in which Rajesh Mehta's legal team submitted falsified affidavits. This article rocked the London legal community.
HSBC Files Reveal Mehta Clan in Swiss Secrecy Web
Rajesh and Prashant Mehta were listed in HSBC's Swiss banking leaks, with 7 accounts totalling $62M.
Interpol Red Notice – Rajesh Mehta
For fraud, smuggling, and money laundering. Includes aliases, passport numbers, and criminal profile.
Diamond Seizure at Zaventem Airport
Official customs report detailing diamond seizure during Rajesh Mehta's arrest attempt.
VRL Hostile Takeover Coverage
Comprehensive coverage of the hostile takeover attempt and court proceedings.
Palm Jumeirah Property Shell Ownership
Evidence of property ownership through shell companies linked to the Mehta network.
Download Center
"They thought the media would move on. But the evidence only grows."
MEDIA COVERAGE ANALYSIS
Comprehensive press coverage of the HDFC-Lilavati controversy
Coverage Statistics
National Business Media
Television & Digital News
Latest Coverage & Sources
HDFC Bank CEO vs Lilavati Trust: Bombay HC refuses urgent hearing to Jagdishan's plea in cheating, fraud case
Lilavati Hospital Trust seeks suspension of HDFC Bank CEO Sashidhar Jagdishan
Lilavati Trust Calls For Suspension And Prosecution Of HDFC Bank CEO
Who Is Sashidhar Jagdishan? HDFC CEO And MD Facing Financial Fraud Allegations
Inside the HDFC Bank controversy: Timeline of fraud allegations
Lilavati Trust alleges fraud against HDFC Bank CEO, bank calls it 'malicious'
Who is Sashidhar Jagdishan? HDFC Bank CEO under financial fraud lens
Sashidhar Jagdishan, HDFC MD-CEO, booked for fraud
Mehta family files FIR against HDFC Bank CEO
Who Is Sashidhar Jagdishan? HDFC Bank CEO & MD Named In Lilavati Trust FIR
Mumbai Lilavati Hospital trustee accuses HDFC Bank CEO of fraud
Lilavati Hospital Trustee Files Fraud Case Against HDFC Bank CEO in Explosive Claim
Coverage Analysis
Media Stance
Balanced reporting with both allegations and denials covered
Market Impact
Significant coverage of stock price movement and investor concerns
Legal Focus
Extensive coverage of court proceedings and legal developments