Calls for Probe into Vanishing Vashi
August 19, 24
(IDEX Online) - The UK's Serious Fraud Office (SFO) has been asked to investigate the collapse of Vashi, the luxury diamond jewelry brand, with debts of $220m, and the disappearance of its founder Vashi DomÃnguez.
The company, founded in 2016, gained attention for its innovative approach to selling high-quality diamonds directly to consumers, primarily online.
But it was declared bankrupt in April 2023 after a court ruling forced it into liquidation.
DomÃnguez (pictured) attracted investment from high-profile backers, including mobile phones billionaire John Cauldwell and Nick Wheeler, founder of British shirtmaker Charles Tyrwhitt.
The Spanish-born entrepreneur also had a flair for self-publicity, positioned himself as a diamond expert in national newspapers and appeared with celebrities on TV. His current whereabouts are unknown.
Vashi notched up sales of £130m in 2021, but was unable to secure the further investment it needed.
One investor, Michael Moszynski, founder of a London advertising agency, told The Guardian newspaper: "I'm angry with Vashi, the auditors, the gem valuers and those around him; this appeared a sound investment. Investors are now calling him 'Vanishing Vashi'."
He has handed the SFO a dossier of evidence. The SFO declined to say whether or not it was investigating Dominguez.