Mumbai: Broker Arrested After 4-Month Chase for Embezzling Rs 86 Lakh in Scrap Copper Deal

A broker who absconded after allegedly embezzling nearly ₹86 lakh from a scrap copper transaction has been arrested by Sakinaka Police after a four-month-long manhunt. The accused has been identified as 39-year-old Yusuf Ismail Bawani, a resident of Ibrahim Masjid Road in Bhavnagar, Gujarat.

Yusuf, who worked as a broker in the copper trading business, allegedly duped Mumbai-based businessman Naresh Poonamchand Jain by misappropriating funds meant for the purchase of copper scrap. Jain, who resides with his family in the Tardeo area, has been in the copper trading business for several years and had known Yusuf for the past four years through business dealings.

In February 2025, Yusuf approached Jain claiming he had access to 10 tonnes of scrap copper and proposed a deal that could bring significant profit. After a detailed discussion, the two agreed on a purchase price of ₹775 per kilogram. Jain arranged for a vehicle and sent his employee, Chautharam Bhakharamji Bishnoi, to collect the goods from Sakinaka.

After loading the goods, Yusuf sent photos of the material via WhatsApp. The total cost of the copper was ₹83.86 lakh. Jain instructed Yusuf to collect the amount from an Angadia office in Ghatkopar and deliver the material to Mahendra Jain’s shop in Sakinaka.

Yusuf reportedly collected the payment from the Angadia office as agreed, but then disappeared without delivering the goods. When Naresh Jain inquired about the transaction, Yusuf initially claimed he had brought ₹50 lakh and would soon return with the remaining ₹30 lakh. However, he never returned and switched off his phone.

Realising that he had been cheated, Jain lodged a complaint at the Sakinaka police station. After verifying the allegations, police registered a case of cheating and criminal breach of trust against Yusuf Bawani.

Following the complaint, Yusuf went into hiding. A team from Sakinaka Police tracked him down in Gujarat and arrested him after four months. He has since been brought to Mumbai and is currently in police custody. Police are interrogating him further and efforts are underway to recover the embezzled amount.