Mumbai: Business Couple Duped of ₹63 Lakh on Pretext of New Venture; Partner Arrested

A business couple from Santacruz has allegedly been cheated of ₹63.31 lakh by a known associate who promised to start a new business venture with them. The Bangur Nagar Police have arrested the prime accused, identified as Anand Kumar Singh (32), in connection with the fraud. After his arrest, a local court remanded him to police custody.

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According to the police, three others — Sushma Anand kumar Singh, Harsh Anand kumar Singh, and Yash Anand kumar Singh — have been named as co-accused and are currently absconding. The Singh family is accused of misusing the name and logo of the original company to start a separate firm and carry out financial transactions, effectively defrauding the original partners.

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The complainant, Nita Sharma, resides in Santacruz and runs a business dealing in religious items. Her husband, Vinod Sharma, is a civil contractor. Anand Kumar Singh, known to the couple and a resident of Goregaon, approached them in 2019 claiming he wished to start a new business. He suggested a partnership in the religious items trade. Convinced by his proposal, Sharma agreed and jointly launched a company named Get Set Go.

A formal agreement was drawn up between the parties, notarised by a lawyer, specifying equal (50:50) investment, profit sharing, and responsibility for losses.

Initially, the business operated from Singh’s residence. Orders were processed, and goods were delivered as per demand. Payments were being deposited into a newly opened company bank account. Till 2021, operations went smoothly.

However, the Sharma later discovered that Anand Kumar Singh had launched a separate business under a different company name. He was allegedly selling similar products through his new firm, using their original company’s clients, contacts, and financial resources. Customers who once dealt with the Sharmas’ firm were now transacting directly with Singh’s company.

Investigations revealed that the Singh family was also using the same logo from the original firm in their invoices. Funds received from customers were allegedly deposited into the Singh family's personal company account, bypassing Sharma entirely.

Between October 14, 2019, and October 8, 2021, Singh and his family reportedly diverted company funds through 38 bank transactions, amounting to over ₹63.31 lakh.

Upon confrontation, Anand Kumar Singh admitted to starting his own business and misusing the original company’s name and resources. However, he allegedly threatened Sharma, telling them to "do whatever you want."

Following this, Nita Sharma lodged a formal complaint at Bangur Nagar Police Station. Based on her complaint, police registered a case of cheating and criminal breach of trust under relevant sections of the Indian Penal Code against Singh, his wife Sushma Singh, and their two sons, Harsh and Yash.

While the three accused are currently absconding, Anand Kumar Singh was arrested nearly a month and a half after the FIR was lodged. Search operations are underway to trace the remaining accused.