Lokmat News Network
Chhatrapati Sambhajinagar: In a major criminal development, City Chowk police has registered a case against a man and his father-in-law on charge of cheating a trader and two others for Rs 6.09 crore under pretext of offering 12 returns on their investments through business of exporting iPhones to six foreign countries including China and Russia. The names of the two accused are Riyaz Gulab Rabbani Shaikh (Chelipura) and his father-in-law Anis Rizvi Syed (temporarily residing in Dubai).
The complainant, Salman Liyaqat Khan Pathan (35, Waluj), runs a firm that handles income tax returns, GST, and other tax-related work. His wife is engaged in the business of buying and selling electronic goods. In 2015, he became acquainted with Riyaz, through business dealings. Over time, their relationship grew into a family friendship, with visits to each other's homes.
In March 2020, Riyaz proposed a business idea involving the nationwide trade of electronic goods, promising a return of 10 to 12 percent. At that time, Salman invested ₹20 lakh. Riyaz gained his trust by returning the principal amount along with the promised returns.
Then, in March 2022, Riyaz again approached Salman, this time mentioning his father-in-law in Dubai and sharing information about a business involving the supply of iPhones to various countries through his software company.
Agreement on bond paper, investment via credit card
As per Riyaz’s suggestion, Salman agreed to invest. A formal agreement was executed on a ₹100 bond paper. Between April 2022 and March 2023, Salman invested ₹59.80 lakh. On this entire investment, Riyaz returned ₹53.22 lakh to Salman, including the principal and returns. Since the payments were being made regularly, Salman further invested ₹1.02 crore. From this amount too, Riyaz returned ₹63.79 lakh.
Export business in six countries
While the investments and returns were continuing smoothly, Riyaz proposed a new business idea involving the export of iPhones to various countries. Between April and October 2024, Salman continued to invest crores of rupees. Along with him, his friends Akram Khan Akbar Khan Pathan and Nazir Ismail Shaikh also invested several lakhs.
‘Out of Coverage’ after October 2024
However, after October 2024, Riyaz stopped making payments, citing issues related to GST billing, and withheld an outstanding amount of ₹6.09 crore. He also stopped answering Salman’s calls. When Salman went to Riyaz’s house, Riyaz responded rudely and told him that his father-in-law had connections all the way up to Delhi, and bluntly stated that he would not return the money. He then forced Salman out of the house. Meanwhile, senior Police Inspector Nirmala Pardeshi and PSI Vithal Shinde are investigating the case.