The Khar Police have arrested a developer who allegedly cheated a retired government employee of nearly ₹61 lakh by luring him with promises of high returns through investments in various construction projects in Bandra and Khar. The accused has been identified as Abid Mazhar Hussain, who has been remanded to police custody by the court. Another accused, Sudhir Mishra, is also involved in the fraud, and police investigations have revealed that both acted in conspiracy.
Preliminary enquiries suggest that the duo may have cheated the complainant and three to four other individuals to the tune of several crores by offering attractive investment deals.
The complainant, 65-year-old Ehsan Sheikh, a resident of Andheri, had retired from Videsh Sanchar Nigam Limited (VSNL) and received a lump-sum amount after retirement. Wishing to invest the money wisely, he came in contact with Sudhir Mishra in 2014, who claimed to be working in the real estate sector. Through Mishra, Sheikh was introduced to developer Abid Hussain, who owned a company named Aziz Realty Builder and Developer, with an office in Khar.
The duo showed Sheikh the plot of Trivedi Apartment on Water Filter Road in Bandra, claiming it was slated for redevelopment. They persuaded him to invest ₹42 lakh, promising a return of ₹82 lakh within six months and additionally offering a 1,450 sq ft flat on the sixth floor of the proposed building as a guarantee. The assurances were provided on the company’s letterhead, making Sheikh trust the proposal. In May 2015, he paid the amount.
However, by February 2016, the accused neither returned the principal nor paid the promised returns. During this period, they showed him another property in Khar, claiming it belonged to them but was not registered. They asked for ₹15 lakh to complete the registration, promising to return ₹27 lakh within a month. Based on this assurance, Sheikh gave the amount. The accused later agreed to return a total of ₹1.09 crore, including interest, and even signed an agreement with Mishra as a witness.
Despite repeated follow-ups, the accused did not return the money and continued making excuses. They claimed their projects were delayed or lacked permissions and sought an additional ₹5 lakh, which Sheikh also paid. In total, Sheikh invested ₹61.50 lakh with the accused, but received no returns.
Police investigation has revealed that Abid Hussain followed a similar pattern with other investors as well. He promised high returns and flats as guarantees but never delivered. The projects for which he collected money did not even belong to him. Realising he had been cheated, Sheikh approached the Khar Police, who registered a case of cheating and criminal breach of trust against Hussain and Mishra.
Abid Hussain had been absconding for nearly a year. He was traced and arrested two days ago. After being produced before the Bandra local court, he was remanded to police custody. The police are now probing how many people he cheated, the total amount collected from investors, and the use of the funds.