In a shocking case of financial fraud, the MHB Police have arrested Dr. Sajid N. Sayyed for allegedly duping a Mumbai-based businessman of ₹1.13 crore under the pretext of a ‘Smart Village’ project in Goa. The accused reportedly gained the victim’s trust by showing photographs with the Goa Chief Minister and district officials, claiming strong government connections.
According to the police, the complainant, Deveshanand Digambar Shirodkar (50), director of Speedcom Internet Services Pvt. Ltd., alleged that the accused introduced himself as the chairman of “Bharat CSR Network” and claimed to be associated with a government-backed ‘Smart Village’ initiative in Goa.
The two came into contact in August 2024, following which the accused convinced the complainant to invest in the project. Initially, ₹50 lakh was sought as an entry investment. Trusting the claims, the complainant transferred the amount via two cheques from Axis Bank in September 2024.
To further establish credibility, the accused allegedly showed photos and videos of meetings with government officials, including the Goa Chief Minister, creating an impression of official backing for the project.
Acting on the accused’s instructions, the complainant’s company began pilot internet hotspot services in areas such as Ponda, Shiroda, and Colvale in Goa. By July 2025, approximately ₹58 lakh had been spent on the project. Additionally, infrastructure work involving laying an 8-kilometre fibre network and installing seven CCTV cameras in Mumbai cost another ₹5 lakh.
Despite completion of the work, the accused allegedly failed to make any payments and continued to evade repeated requests, raising suspicion. The total alleged fraud amount, including investment and operational costs, stands at ₹1,13,04,586.
Police said the accused had provided documents like a “Letter of Empanelment” to make the project appear legitimate, but these were later found to be suspicious. It has also been alleged that no formal Memorandum of Understanding (MoU) was ever executed.
Preliminary investigations suggest that the accused may have targeted others using a similar modus operandi. Relevant documents, bills, and transaction records have been submitted to the police, and further investigation is underway.
The case has once again highlighted concerns over frauds carried out in the name of CSR initiatives and government-backed projects. Authorities have urged businesspersons to exercise caution and verify credentials before making such investments.