The UK’s Serious Fraud Office (SFO) has been asked to look into the collapse of Vashi, a luxury diamond jewelry brand that owes $170 million. The investigation also includes the disappearance of the company’s founder, Vashi Domínguez.
Vashi, founded in 2016, gained popularity for selling high-quality diamonds directly to consumers, mostly online. However, the company went bankrupt in April 2023 after a court decision forced it into liquidation.
Domínguez attracted investment from notable figures such as mobile phone billionaire John Cauldwell and Nick Wheeler, founder of the British shirt brand Charles Tyrwhitt. The Spanish-born entrepreneur was known for his self-promotion as a diamond expert, frequently appearing in national newspapers and on television with celebrities. His current location is unknown.
In 2021, Vashi reported sales of £100 million but failed to secure the additional investment needed to sustain its operations.
Michael Moszynski, a London advertising agency founder and one of the investors, expressed frustration to The Guardian. He criticized Domínguez, auditors, and gem valuers, stating, “This appeared to be a sound investment. Now, investors are calling him ‘Vanishing Vashi.'”
Moszynski has provided the SFO with a dossier of evidence. The SFO has not commented on whether it is investigating Domínguez.
