Singaporean businessman Karan Tilani defrauds investor over fake “Jane Seymour” diamond ring.
A legal battle that spanned three years has shed light on a fraudulent diamond investment scheme led by Singaporean Karan Chandur Tilani, revealing details of his deceitful actions in a case involving a multi-million-dollar diamond ring. The case, initially under confidentiality, was made public after the Court of Appeal dismissed Tilani’s request to seal the court records.
Tilani, 32, was found to have deceived Dutch investor Maarten Hein Bernard Koedijk into believing a 2.08-carat “fancy vivid blue” diamond ring was worth $13.8 million, when it was actually a synthetic stone he had bought for just $25,700. This fraudulent claim formed the basis for Koedijk’s investment in Tilani’s diamond fractional ownership scheme, which also involved cryptocurrency payments amounting to $2 million.
The court documents revealed that Tilani had misrepresented the value of the diamond, falsely claiming it was a rare, naturally mined gem tied to actress Jane Seymour. He had also used misleading marketing materials, including a Forbes article, to further inflate the ring’s value. The arbitration judge ruled the investment agreements void, declaring that Koedijk was misled into the deal through fraudulent representations.
As a result, Tilani was ordered to refund Koedijk $648,601, return the FXPL shares, and pay over $2.38 million in damages, along with legal costs exceeding $500,000. The case has drawn attention due to Tilani’s previous involvement in luxury events, including a $2 million dining experience where the fraudulent diamond was prominently featured.
While the case has drawn attention to the deceptive nature of Tilani’s dealings, no further action was taken by the police following an investigation into FXPL’s diamond scheme in 2021.
