Lured by scrap tyre business, trader cheated of Rs 39 lakh

Chhatrapati Sambhajinagar

A city businessman was duped of Rs 39.55 lakh after being lured into investing in a scrap tyre business that promised double returns.

The complainant, Jafarkhan Khan (38, Azad Chowk), alleged that five men tricked him into investing in their bogus trade. The accused have been identified as Syed Sattar, Syed Sattar, Shaikh Razzak, Sheikh Rehman(all from Mumbra, Thane) and Syed Nadeem Syed Najmuddin of Naregaon. In August 2024, Khan was introduced to the group through Nadeem. Claiming to operate firms named Syed Tyres and Nadia Tyres, they assured him of hefty profits. Pressured by their claims, he invested Rs 1.56 crore between August and December 2024. Initially, the group delivered 670 kg of tyres against an order of 868 kg, for which Khan had paid Rs 10 lakh as advance. But later, they stopped supplying goods, gave excuses, and eventually cut off contact. Neither the balance material nor the invested amount was returned. Realising he had been cheated, Khan approached Jinsi police. A case of cheating has been registered against the five accused, and assistant police inspector Gautam Wawle is investigating.