The Amboli police have arrested a woman and her son for allegedly defrauding a 47-year-old businessman of approximately ₹9 crore under the pretext of offering high returns on investment in a clinical research project at D.Y. Patil Medical College, Navi Mumbai. The accused, identified as Arzubano Ahateshamuddin Syed and Saifuddin Ahateshamuddin Syed, were produced before the Bandra court, which remanded them to police custody till March 20.
The complainant, a businessman residing in Andheri, came into contact with a woman named Shahnila Syed in October 2023. Over time, they became good friends.
Shahnila claimed to be a doctor involved in clinical research for cancer treatment at D.Y. Patil Medical College. She assured the businessman that many investors had put money into the project and received excellent returns. She convinced him to invest, promising double the amount along with a monthly return of 4-5%.
Trusting her, the businessman transferred a total of ₹10.25 crore into her two separate bank accounts between October 30, 2023, and February 25, 2025. Initially, she returned ₹1.18 crore as a part of the promised returns. However, she later stopped making payments, raising suspicion.
When the businessman questioned her about the pending returns, he received unsatisfactory responses. Eventually, she stopped answering his calls. Realizing that he had been duped, he demanded the return of his investment. However, instead of refunding the amount, she continued to delay and evade him.
Shahnila had managed to return only ₹1.18 crore while fraudulently retaining ₹9.07 crore. Following this, the businessman lodged a complaint against her at the Amboli police station. After a thorough investigation, the police registered a case of fraud against her.
Senior police officials took serious note of the case and ordered the immediate arrest of the accused. Acting on the directives, the police apprehended Arzubano Syed and her son Saifuddin on Saturday. Further investigations are underway.