Jammu, July 9 -- A Hyderabad businessman's plan to invest in rare blue sapphires ended in fraud after he was allegedly cheated out of Rs.3 crore by a group posing as gemstone dealers, Jammu and Kashmir Police said on Wednesday.

Acting on the complaint, police managed to recover Rs.62 lakh from the accused and have initiated legal proceedings to attach their properties under Section 107 of the Bharatiya Nagarik Suraksha Sanhita (BNSS). This provision allows for property to be attached and forfeited to help restore the defrauded amount to the complainant, officials added.

According to police, Mir Firasath Ali Khan from Hyderabad filed a complaint at Bahu Fort police station last year, alleging that several individuals from Jammu attempted...