Mumbai businessman loses Rs 5.24 cr in investment scam; four held
PTI
Last Updated:
Mumbai, Aug 16 (PTI) Four cyber fraudsters have been arrested for allegedly duping a businessman from Mumbai of Rs 5.24 crore by posing as executives of a Dubai-based investment company, police said on Saturday.
The fraud came to light after the accused themselves invited the victim to Dubai, where he found that the company does not exist, an official said.
A probe has revealed that the accused, who were recently apprehended from different parts of the country, had used the same modus operandi to cheat people of more than Rs 65 crore in Bengaluru, Chennai, Mumbai, Pune and Kerala, an official said.
Three of the accused have been identified as R. Menon (35), Manikandan (32) and H. Pandi, he said.
The official said that in October last year, a 65-year-old businessman from the western suburbs received a call from one of the accused, who posed as an employee of a Dubai-based investment company.
The caller offered him attractive returns on investment in the company, he said.
As the businessman showed interest in investing, the caller introduced him to the firm's director, who offered him 10 per cent returns per month and shares of the same value of the company, the official said.
He said that the complainant then deposited money in November and noticed that the bank account used for the transaction was a personal account.
On inquiry, the firm's director claimed that the account belonged to an employee and that the sum would be transferred to the company, the official said.
In March, the accused invited the complainant for a visit to Dubai, where he found that the firm, in which he had invested Rs 5.24 crore over four months, did not exist.
The official said when the businessman tried to contact the firm's owner, he was told that the latter was in the US, and when he demanded the return of his investment, the accused allegedly sent him fake cheques, demand drafts and other documents. PTI DC ARU
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August 16, 2025, 13:15 IST
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