Two brothers, running a financial consultancy business, were allegedly duped of ₹70 lakh in an investment scam involving a chitty (chit fund) in the Sakinaka area. The Sakinaka police have registered a case of fraud against the prime accused, Umar Babu Sayyed, and his two sons, Tufail Umar Sayyed and Danish Umar Sayyed.
Nindersingh Rajindersingh Kohli, a 61-year-old resident of Chandivali in Sakinaka, runs a financial consultancy business. In the past, he had leased a property in Powai to operate a hotel, with Umar Sayyed acting as his property agent. Over time, they developed a rapport.
In January 2023, Umar contacted Kohli, proposing a lucrative investment scheme in a chit fund with 20 members, promising assured returns. Umar persuaded Kohli to join the fund, citing its reliability and profit potential.
Kohli, needing funds for his son's wedding in 2025, decided to invest in the scheme. He also introduced the plan to his brother, Gurmeetsingh. Umar promised that by contributing ₹1.5 lakh per month, they would receive ₹30 lakh after 20 months. Trusting him, both brothers began investing the stipulated amount every month.
In September 2024, when it was Kohli’s turn to receive the payout, Umar claimed other members hadn’t deposited funds, resulting in the chit fund’s closure. Prior to this, in November 2023, Kohli had also invested in another chit fund upon Umar’s suggestion, involving 16 members. However, even in this case, Umar failed to disburse the funds when due.
To placate Kohli, Umar handed over a Fortuner Legender car, providing the agreement and notarized documents via WhatsApp. However, the car was under a bank loan, and Umar didn’t pay the EMIs as promised.
Between April 2023 and September 2024, Umar and his sons lured the brothers with promises of high returns. They collected ₹22.84 lakh online and ₹47.05 lakh in cash, amounting to ₹69.90 lakh, without returning the invested amount or providing any returns.
Realizing the fraud, Kohli filed a complaint at the Sakinaka police station. After investigation, the police registered a case against Umar and his sons, Tufail and Danish Sayyed, under charges of fraud and misappropriation.
Further investigations are underway.