How Vashi Built a £170m Jewellery Empire That Turned Into a Fraud Scandal
The story of Vashi Dominguez is one of dazzling promises, celebrity exposure, and, ultimately, one of the biggest jewellery fraud scandals in the UK. Once celebrated as a luxury diamond dealer to the rich, Vashi transformed his image into a High Street brand — before leaving behind losses of nearly £170 million.
From Diamond Dealer to High Street Star
By 2017, Dominguez had moved beyond private deals with the wealthy elite. He launched Vashi stores across London, Birmingham, and Manchester, positioning himself as the face of modern luxury jewellery.
Unlike traditional jewellers, Vashi promoted a unique customer experience. Clients could collaborate with designers and even watch their jewellery being made in-store. The promise was clear: high-quality diamonds at prices lower than other luxury retailers.
A Charismatic Leader Who Won Over Investors
Dominguez’s charm and salesmanship were key to his rise. “He was quite a magnetic individual. He had gravitas, intelligence, and spoke in a very informed way about every detail of his business,” recalls Michael Moszynski, one of the investors.
Backed by detailed business plans and convincing accounts, Vashi lured in some of the UK’s most experienced entrepreneurs. Among those deceived were:
- Clive Schlee, former CEO of Pret a Manger
- John Caudwell, billionaire founder of Phones 4U
- Mark Schneider, media executive and GB News co-founder, who invested around £750,000
Schneider admitted, “It seemed good. Some smart guys from around here were in the deal, I just kind of went along with it on that basis.”
On the surface, the business appeared to be thriving. In 2021, Vashi opened a flagship store in Covent Garden, central London, one of the most prestigious retail locations in the UK.
The shop was fitted with extravagant features — including a giant interactive screen and even an £8,000 designer sofa, staff reported. These flashy displays added to the illusion of success, convincing both customers and backers that the brand was flourishing.
How It All Came Crashing Down
Behind the glossy branding and luxury storefronts, employees later revealed they were instructed to stage purchases, pretending to be customers in order to inflate sales figures. These fake transactions helped secure further investment and loans, while the company’s real financial position crumbled.
Despite millions in funding, the empire eventually collapsed, leaving investors, staff, and suppliers facing devastating losses.
According to advertising executive and investor Michael Moszynski, the Vashi scandal is “bigger than Hatton Garden, Brink’s-Mat, and the Great Train Robbery combined.” Such comparisons highlight the unprecedented scale of the alleged deception, which saw staff, financiers, and customers misled for years.
Read more: How Vashi Built a £170m Jewellery Empire That Turned Into a Fraud Scandal
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