Couple booked for duping jeweller, builder of ₹10 lakh

A couple has been booked for allegedly duping a jeweller and a construction company owner of ?10 lakh, promising to arrange a loan of ?100 crore through Alternative Investment Funding. The couple disappeared after collecting the processing fee.

MUMBAI: A couple have been booked for allegedly duping a jeweller and a construction company owner of ₹10 lakh, which they took as processing fees promisig to arrange a loan of ₹100 crore through Alternative Investment Funding (privately pooled investment), according to Bangur Nagar police station.

HT Image

According to the police, the complainant, Rahul Mangilal Jain, 48, a jeweller and a resident of Vasant Nagri in Vasai East, had been looking for an investment of ₹100 crore to help his friend Narsi Reddy in his construction business last year.

The couple promised Jain and Reddy that they can arrange for the investment for a processing fee totalling to ₹10 lakh. However, after collecting the processing fee, the couple disappeared.

While looking for a financer, a friend introduced Jain to a couple — Tajjuddin Shaikh and Pratima Shaikh — who claimed that that they can arrange for finance only for amounts above ₹50 crore. In July 2022, Jain and Reddy went to Shaikh’s office in Malad West where the couple promised to arrange a funding of ₹100 crore within 45 days.

“A few days later, Jain and Reddy submitted the requisite documents and paid the couple ₹3 lakh — ₹2 lakh in cash and ₹1 lakh by cheque,” said a police officer from Bangur Nagar police station.

The police officer said a memorandum of understanding (MoU) was executed between Reddy and Shaikh. After a few days, Shaikh told Jain that their documents had been verified by a financer — Rank Finances — and the loan would be disbursed in cash. They told Reddy that he would have to pay processing fees of ₹10 lakh, if he wanted to speed up the process.

“Since Jain had already given ₹3 lakh, he gave Shaikh another ₹7 lakh after he was promised that they would get the cash in 10 days,” added the officer. However, after waiting for 60 days and not getting any money, Jain called up the office of Rank Finance and was told that they had not received any of the documents in question.

“When Jain asked for his money back, Shaikh told him to wait for a few months as he was applying on their behalf to other financial institutions. On Monday, Jain went to Shaikh’s office and found it locked and the couple, missing,” added the officer.

The police are now trying to trace the couple and are verifying financial transactions made by Jain and Reddy.

“We are looking for the couple and are checking the transactions and the MoU signed. The couple have been booked for cheating and criminal breach of trust under sections 406 and 420 of the Indian Penal Code,” said the officer.