A 37-year-old businessman, Riyaz Ahmed Ahmedali Sheikh, has allegedly been cheated out of ₹10 crore by three individuals—Riyaz Abdul Qadir Machhiwala, Abdul Hamid Abdul Aziz Sheikh, and Haresh Kanji Joysar.
According to Dongri Police, a case has been registered against the accused based on the victim’s complaint. The accused allegedly lured the businessman into a fraudulent deal, causing him a massive financial loss. Further investigation into the matter is underway.
A major financial fraud has come to light, involving the fraudulent sale of M/s Mark International Food Stuff Company by accused Riyaz Abdul Qadir Machhiwala (alias Riyaz Nagani), Abdul Hamid Abdul Aziz Sheikh, and Haresh Kanji Joysar. According to the complaint, Riyaz Machhiwala conspired with the other accused to manipulate the company’s balance sheet before selling it to Muneeb Biriya’s Inziq Ventures Pvt. Ltd. Despite Mark International Food Stuff Company having outstanding liabilities of ₹12,07,90,616, they falsified financial records to show that there were no dues.
The accused also allegedly forged bank documents and misrepresented legal disputes against the company, including a District Court order requiring payments to Mohammed Shafi Babajan Bepari. These crucial facts were intentionally concealed from the buyers, leading to a massive fraud of approximately ₹10 crore. Additionally, outstanding dues to the Customs and Income Tax departments were not disclosed, and the company was misrepresented as a highly profitable venture before being sold. The buyers claim they suffered significant financial losses and breach of trust due to this fraudulent transaction.
