Mumbai: Imitation Jewellery Businessman Arrested For Cheating Investors Of ₹2 Crore

Mumbai: Imitation Jewellery Businessman Arrested For Cheating Investors Of ₹2 Crore

He first targeted his friend and asked him to advise others to invest in his imitation jewellery business.

Vishal SinghUpdated: Wednesday, January 17, 2024, 08:01 PM IST
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Mumbai: Businessman Arrested For Cheating Investors Of ₹2 Crore | Pixabay / Representational Image

Accused of cheating several investors, including his friend, of Rs2 crore, a businessman has been arrested after absconding for a month. Hasmukh Babulal Bhati is into imitation jewellery business, and owns a unit in Malad, said the Jogeshwari police.

The complainant, Nipun Khimjibhai Sanghvi, said that he works in the marketing department of a private company and lives with his family in Jogeshwari. He further said that Bhati was his friend and used to stay with him. To further his business, he was looking for investors and even offered up to 15% commission to several people in this regard.

Details of fraud

In order to win Sanghvi's trust, the accused brought him to his unit to show that the work was in full-swing, said the complainant, adding that he finally invested Rs1 crore. To arrange the whopping amount, Sanghvi said that he took a loan of Rs58 lakh and that he also advised his near and dear ones to invest in Bhati's business. Consequently, 28 people gave Rs4 crore to the accused between January 2021 and March 2023. Later, Bhati stopped paying commission and even started avoiding investors.

After much hue and cry, he eventually returned Rs2.36 crore via digital payments and subsequently gave Rs63 lakh in cash. When the accused desisted from paying the remaining amount, Sanghvi along with other investors lodged a police complaint. Bhati fled upon getting a whiff of the police action.

Accused produced before Andheri court

After being nabbed, he was produced before the Andheri court that remanded him in police custody. Further investigation is underway to determine whether Bhati has duped others in a similar manner and what became of the invested amount.

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