Mumbai: 40-year-old man arrested for cheating 15 investors to a tune of Rs 1.50 crore

The Parksite police have arrested a 40-year-old man for cheating 15 different people to a tune of Rs 1.50 crore. The police said the accused lured people of higher returns after investing in his business and cheated them.

The police said that the arrested accused has been identified as Abdul Kudroos Rauf Valsangkar (40), a resident of Parksite. He states about having a scrap and construction business. He had opened an office named Kaushik enterprise in the area.

"Abdul started telling people about investing in his business and getting higher returns. Accordingly, people from Vikhroli, Kurla, Sion, Airoli and other areas started investing in him. On starting days he gave returns to people, so more and more people started investing in him," said a police officer.

The police said after collecting crores of rupees he fled away with his wife and kids. "He switched off his mobile phone when people started assuming about being cheated," the officer said.

The police said one of the victims, Neetu Sahani (40), a housewife, registered a case against Abdul in 2019. "He has been absconding for the last three years. Recently he came to stay in Tagore Nagar to stay. However, after we received the information we arrested him," said a police officer.

Balaprasad Chavan, police sub-inspector, Parksite police station confirmed the arrest and said, "He was arrested on March 2 and was in police custody till March 10. Till date, we found he had cheated 15 people for a tune of Rs 1.50 crore," he added.

The police said the accused Abdul was wanted and was staying in Thane, Mumbra and Konkan area. He was driving an Ola car to hide his identity.