Navi Mumbai Forex Scam: Man Cheats Friends Of ₹23.14 Lakh In Turbhe, Accused Absconding

Navi Mumbai, April 14: Turbhe Police have booked a young man for cheating four of his friends of Rs 23 lakh 14 thousand by luring them with promises of double returns if they invested in forex trading, and have launched a search after he fled. The accused has been identified as Sameer Javed Sheikh.

Accused befriended victims and built trust

According to police, the complainant Sairaj Jadhav (28), a resident of Hanuman Nagar in the Turbhe Naka area, and the accused are from the same locality. The two had become friends as they used to go to the same gym. Sheikh told them that he was earning huge profits from forex trading and used to take money on credit from Jadhav and others in the area, returning it on time.

Promises of double returns used to lure victims

Later, Sheikh lured his friends by promising to double their money and gained their trust by taking money and returning higher amounts in exchange. Falling prey to his lure, Jadhav gave a total of Rs 7 lakh to Sheikh from his own account, as well as from his mother’s, wife’s, and brother’s accounts, and also in cash.

Similarly, Sheikh collected large sums from Jadhav’s other friends — Karan Jadhav (Rs 4,50,000), Sudhir Jadhav (Rs 6,50,000), and Vicky Medhkar (Rs 5,14,100), taking the total amount to Rs 23 lakh 14 thousand.

Accused absconds after collecting money

After accepting all the money during September–October 2025, Sheikh started avoiding giving returns. His family members had assured the victims that the money would be returned. However, on January 8, Sheikh switched off his mobile phone and fled from his house.

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Police register case, launch search

After realising they had been cheated, Jadhav and his friends approached Turbhe Police Station and lodged a complaint. Accordingly, police have registered a case against Sameer Javed Sheikh under Sections 316(2) (criminal breach of trust) and 318(4) (cheating) of the Bharatiya Nyaya Sanhita, 2023, and have started searching for the absconding accused.

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