Mumbai: A businessman from Lower Parel was allegedly duped of ₹24.56 lakh by three individuals who lured him into investing in forex trading, promising high returns. The accused not only took ₹18 lakh from him for investment but also fraudulently acquired his BMW car worth ₹6.5 lakh. The N.M. Joshi Marg Police have registered a case against Akhtar Sayyed Ali, his son Arbab, and their associate Vaibhav Patskar and are investigating the matter.
According to the complaint, the 47-year-old victim, a car dealer based in Lower Parel, was approached by Akhtar Sayyed Ali in July last year, who convinced him to invest in forex trading. Ali invited him to Panvel, where he introduced his son Arbab and friend Vaibhav Patskar. The duo claimed that forex trading yielded significant profits and that Patskar even had an office in Dubai.
Trusting their claims, the businessman accompanied Arbab to Dubai, where they met Patskar. Patskar allegedly told him that the minimum investment required was ₹6 lakh, with a promised monthly return of ₹1.5 lakh. Believing in their assurances, the complainant invested ₹18.06 lakh.
However, he neither received the promised returns nor got his invested amount back. In November, the complainant had purchased a BMW car, which Arbab expressed interest in buying for ₹6.5 lakh. He took the vehicle but never made the payment or returned the car. Realizing that he had been financially cheated, the victim lodged a complaint with the N.M. Joshi Marg Police Station, detailing a total loss of ₹24.56 lakh. The police are investigating the accused and their alleged forex investment scam.
