Mumbai Police have registered a case against a businessman and his wife for allegedly defrauding an investor of ₹52 lakh under the pretext of a partnership offer. The accused have been identified as Ishtiyaq Abdul Khalil Shaikh and Gulnaz Ishtiyaq Shaikh. When the investor demanded his money back, he was allegedly threatened with murder by claiming underworld connections. Senior officials have taken serious note of the incident and ordered an investigation into the matter.
The complainant, Abdul Raqeeb Abdul Wahid Mansuri, a resident of Sakinaka, runs a scrap business under the name Raqeeb Enterprises, which also deals in demolishing old buildings and construction-related activities.
A few months ago, one of Mansuri’s acquaintances informed him about a construction company, MIGS Infra Pvt Ltd, owned by the accused couple. The acquaintance suggested that partnering with them would provide him with lucrative business opportunities. Based on this recommendation, Mansuri visited their office in Dharavi, where he was offered a partnership in their company.
The accused allegedly convinced him to invest ₹2-3 crore, promising substantial profits. Believing the offer to be genuine, Mansuri invested ₹52 lakh in the company for worker salaries and materials. However, despite the investment, he was neither made a director in the company nor given access to a joint account as initially agreed.
When Mansuri realized the fraud and demanded his money back, Ishtiyaq Shaikh allegedly abused him, refused to return the money, and even threatened to have him killed through underworld connections. He reportedly said, “Many investors like you roam around me; you won’t get your money back.”
Fearing for his life, Mansuri approached the Sakinaka Police Station and filed a complaint. After verifying the allegations, the police registered a case against Ishtiyaq and Gulnaz Shaikh under charges of fraud and criminal intimidation.
The police are now investigating whether the accused have duped other investors using similar fraudulent partnership schemes. Officials have assured that a detailed inquiry is being conducted, and the accused will soon be questioned.
This case highlights the risks of investment fraud in the construction business and the involvement of threats to silence victims. Authorities urge people to verify investment offers thoroughly before committing large sums of money.