SoBo businessman loses ₹2.47 crore for ‘rare metal’

Seven people are being sought by the crime branch for allegedly cheating a businessman in Mumbai of ₹2.47 crore by convincing him they had found a rare metal. The businessman was told that the Bhabha Atomic Research Centre (BARC) would purchase the metal. The accused showed fake letters from BARC to support their claim. The businessman transferred the money to the gang, who promised him a share of the profits. The case has been registered under various sections of the Indian Penal Code.

The crime branch is looking for seven people who allegedly cheated a businessman from south Mumbai of ₹2.47 crore after convincing him that they had unearthed a rare metal in a farm of their friend near Kolkata and Bhabha Atomic Research Centre (BARC) would purchase it.

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“We have booked one Naushad Shaikh and six of his accomplices based on a complaint filed by Kamal Jaju, 52, a resident of Bhuleshwar,” an officer from L T Marg police station said and added that the case was transferred to unit 2 of the crime branch.

The accused approached Jaju in October claiming that the metal was required during the “atomic process” and showed him fake letters from BARC purportedly showing that the country’s premier nuclear research facility was interested in the product, the police officer said.

The businessman accepted their offer to become a partner in their endeavor on a profit-sharing basis and agreed to fund the expenditure for extracting the metal, which they claimed could be worth hundreds of crores of rupees, the complaint said.

To gain Jaju confidence, the accused even transferred ₹12 lakh back to his bank account saying they had waived the “induction charges”, the officer said.

“We have registered a case under section 420 (cheating), 406 (criminal breach of trust), 465 (forgery), 467 (forgery of valuable security will, etc.), 468 (forgery for the purpose of cheating), 471 (fraudulent or dishonest use as genuine any documents) and 34 (common intention) of the Indian Penal Code,” the officer added.