A businessman was allegedly duped of ₹24.56 lakh by three individuals who lured him with promises of high returns through forex trading. The accused accepted ₹18 lakh as an investment and later took his BMW car worth ₹6.5 lakh under false pretenses. The N.M. Joshi Marg Police have registered a case against Akhtar Syed Ali, his son Arbab, and Arbab's friend Vaibhav Pataskar, and are currently investigating the matter.
According to the police, the 47-year-old complainant, a resident of Asalfa Village in Ghatkopar (West), runs a car dealership in partnership at Lower Parel. In July last year, Akhtar Syed Ali approached him with an offer to invest in forex trading. Ali invited the businessman to Panvel, where he introduced him to his son Arbab and Arbab's friend Vaibhav Pataskar. The duo explained the forex trading process and promised substantial profits.
Arbab claimed that his friend Vaibhav operated an office in Dubai. Trusting their words, the complainant traveled to Dubai with Arbab and met Pataskar at his office. Pataskar assured him that a minimum investment of ₹6 lakh would yield a monthly profit of ₹1.5 lakh. Believing their promises, the businessman invested a total of ₹18,06,334.
However, the complainant neither received any profits nor got his invested amount back. In November, the complainant had purchased a BMW car. Arbab expressed interest in buying the car and took it for ₹6.5 lakh, but failed to pay the agreed amount and did not return the car.
Realizing that he had been cheated, the businessman approached the N.M. Joshi Marg Police Station and filed a complaint, alleging financial fraud amounting to ₹24,56,334. The police have registered the case and initiated further investigation.