Staff at luxury jeweler Vashi were instructed to pose as customers to deceive investors, BBC Panorama has revealed, exposing what may be the UK’s biggest diamond fraud. The company, led by charismatic founder Vashi Dominguez, collapsed in 2023 owing £170 million — with investors left empty-handed.
Dominguez once positioned himself as a trailblazer in jewelry retail, even appearing on national TV and opening flagship stores in major UK cities. He promised high-end diamonds at lower prices and a bespoke shopping experience, convincing investors with slick presentations and detailed business plans.
However, behind the glamour, former employees say they were told to stage a false sense of customer interest. “This request is direct from Vashi,” read one internal email, citing surprise investor visits.
When the company went under, the supposed £157 million in diamond inventory turned out to be worth just £100,000. Despite the scale of the collapse, neither the Metropolitan Police nor the Serious Fraud Office are investigating.
“This is bigger than Hatton Garden, Brink’s-Mat and the Great Train Robbery combined,” said investor Michael Moszynski, calling for answers. Dominguez has since vanished.
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