Mumbai: Seven Accused of Duping Siblings of Rs 1.58 Crore with False Investment Promises

A shocking case of fraud amounting to ₹1.58 crore has come to light in the Masjid Bunder area. A group of seven individuals allegedly lured three business-minded siblings from the same family into investing in their company by promising high returns. The Pydhonie Police have registered a case of fraud and misappropriation against the seven accused and have initiated an investigation.

The accused have been identified as Aviroop Vidyut Roy, Mahua Roy alias Banerjee, Bharat Ashok kumar Bajaj, Dipankar Sil, Nicholas Mellias, Kajal, and Mousumi Pal. The police will soon summon all seven for questioning and to record their statements.

The complainant, Sarfaraz Ibrahim Memon, is a businessman residing in the Masjid Bunder area with his family. The accused, known to him, run a company named Paymark Payment Technologies Services Private Limited. They claimed they required funds to expand their business and persuaded Memon to invest in their venture. Promising attractive returns, they also extended the same investment offer to Memon’s brother Ashfaq Dharodia and sister Pabnam Dudhwala.

To gain their trust, the accused issued post-dated cheques as security for the principal investment and interest. Over the period from January 1, 2023, to June 30, 2024, Sarfaraz Memon invested ₹68 lakh, Pabnam Dudhwala contributed ₹25 lakh, and Ashfaq Dharodia invested ₹50 lakh, amounting to a total investment of ₹1.43 crore.

The accused assured them of an interest of ₹15 lakh on their investment and issued post-dated cheques worth ₹1.58 crore, which included the principal amount and interest. However, when the due date arrived, the accused failed to honor their commitment, offering excuses to evade repayment.

When the complainants deposited the cheques, all of them bounced, revealing the fraudulent intentions of the accused.

Realizing the fraud, Sarfaraz Memon filed a complaint with the Pydhonie Police. Following preliminary verification, the police registered a case of cheating and misappropriation against the seven accused. 

Further investigations are underway to recover the defrauded amount and bring the accused to justice.