Local Ponzi racket promised investors a lucrative 5 per cent monthly returns from fake livestock and garment selling venture
The accused claimed he had a successful goat trading business. REPRESENTATION PIC/ISTOCK
A Chembur resident who promised lucrative monthly returns from a so-called “goat and garment business” has been booked for allegedly duping at least ten people — including neighbours and acquaintances — of a total of Rs 83.12 lakh. The accused, Mohammed Ali Salim Shaikh, 40, lured victims with the assurance of a 5 per cent monthly profit on investments, the police said on Monday.
An FIR in this regard was registered at Chembur police station on Monday morning. According to the police, the complainant, Abdul Aziz Abdul Salam Syed, 35, a mehndi artist by profession, invested his hard-earned savings — money he earned both in Mumbai and during a stint working in Dubai. Syed told the police that in December 2023, a colleague, Nilofer, introduced him to Shaikh, claiming that he ran a successful goat trading and garment business, and regularly offered profits to investors.
Believing the claim, Syed initially invested Rs 2 lakh in December 2023, followed by another Rs 5 lakh in March 2024, and Rs 3 lakh in May 2024, bringing his total investment to Rs 10 lakh. He received small profit payments for a few months, after which Shaikh stopped responding to calls and visits. When Syed visited Shaikh’s home to demand his money, the accused’s mother allegedly made excuses and avoided him.
Syed later discovered that several others — mostly women from his own Diamond Garden neighbourhood in Chembur East — had fallen victim to the same scam. Among them were Farheen Arif Shaikh who invested R4 lakh, Zeenat Abdul Hadi Shaikh (Rs 2 lakh), Suman Mubarak Syed (Rs 9.5 lakh), Mohammed Hamza Shaikh (Rs 11.42 lakh), Afsana Kasim Syed (Rs 2 lakh), Afsar Bashir Shaikh (Rs 4 lakh), Nilofer Shaikh (Rs 12.2 lakh), Jnyanthan Dhaktode from Panvel (Rs 8 lakh), and even Syed’s own mother, Tahera Syed (Rs 15 lakh).
Police said the total fraud amounted to Rs 83.12 lakh, collected through cash, bank transfers, and Google Pay. Shaikh allegedly paid initial profits to gain trust before cutting contact entirely. Senior Police Inspector Rajesh Kewale confirmed that a case has been registered under the Maharashtra Protection of Interest of Depositors Act, and relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating and criminal breach of trust. The Chembur police have begun an investigation to trace Shaikh and recover the defrauded amount.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
