Mumbai Businessman Duped Of ₹3.74 Crore In Fake Gold Trading Investment Scheme

Mumbai: The BKC police have registered a case against four persons for allegedly cheating a 58-year-old businessman of Rs3.74 crore by luring him to invest in a fake gold trading scheme.

According to the FIR, the complainant, Ali Abdullah Khan, 58, a businessman in the construction and facilitated labour sector, residing in Bandra West, came into contact with one of the accused, Shakir Udeshi, around two years ago, as Udeshi also resided in the same building on rent. Udeshi told Khan he was involved in gold trading and offered him the opportunity to invest for high returns.

The accused allegedly claimed to have purchased gold biscuits at lower rates and sold them at higher prices in the market. He assured Khan that investors could earn around 10% profit on the investment. Udeshi introduced him to his associates, Santosh Ingle, Pravin Jain, and Nighat Udeshi, who also allegedly supported the proposal and encouraged Khan to invest in the business.

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Khan started investing money between December 1, 2024 and February 28, 2025. The payments were allegedly made on several occasions through cash as well as bank transfers. According to the complaint, the accused collected a total of Rs4.02 crore from him during this period.

The police said the accused returned only Rs28 lakh to the complainant, while the remaining Rs3.74 crore was not returned. When Khan repeatedly demanded his money back, the accused allegedly avoided him and later stopped responding to his calls. Realising that he had been cheated, the complainant approached the police and lodged a complaint.

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