The Mumbai Crime Branch has arrested a key member of an interstate financial fraud syndicate identified as Niaz Alam, also known as Kabir, from Kolkata in West Bengal. Crime Branch officials said that the accused cheated two women—a 57-year-old businesswoman from Thane and her associate—of '5.45 crore. The victims run an NGO for women. 

The incident began in October 2023 when two other accused—Sumona and Bhowmik—identified by their first names, approached the victim with an investment plan, which the accused claimed involved officers from JSW Ispat Special Products Limited and promised significant profits. Believing it to be legitimate, the victims handed over Rs 1 crore in cash at an office in Malad to intermediaries working for the accused. They were assured the money would be credited to their accounts within hours, but no funds were received.