Two arrested for defrauding Borivali businessman of ₹48 lakh
Police arrested two men accused of conning a Borivali-based businessman out of ₹48 lakh by promising false investment returns. The accused evaded the victim when confronted, leading to a police complaint.
Two men have been arrested in connection with a fraud case involving a Borivali businessman who was cheated of ₹48 lakh through false investment promises, Mumbai Police confirmed on Thursday.
The arrested accused allegedly lured the businessman with guaranteed returns on his investment but failed to deliver on their commitments. When the victim sought clarification about the promised gains, the accused resorted to evasion tactics and stopped responding to his inquiries, according to police officials handling the case.
The businessman, realising he had been duped, decided to lodge a formal complaint with the Borivali Police Station. Investigators registered a case against the two accused under relevant sections of the Indian Penal Code pertaining to cheating and criminal breach of trust. The exact dates of the fraudulent transactions and the timeline over which the money was transferred remain under investigation.
This case is part of a broader pattern of investment fraud schemes that have targeted business owners across Mumbai in recent months. Scammers typically exploit victims' desire for high returns by posing as investment advisors or financial consultants, often operating from non-descript offices or conducting transactions entirely online. Once victims hand over their money, the fraudsters either disappear or delay payments indefinitely while making excuses.
Police have launched a thorough investigation to recover the defrauded amount and establish the complete network of accused involved in the scheme. Authorities are also examining whether the two arrested individuals are part of a larger organised fraud ring operating across the city. Preliminary interrogation has revealed they allegedly used multiple phone numbers and fake credentials to approach potential victims.
Residents of Borivali and surrounding areas are being urged to exercise caution when approached with unsolicited investment offers promising unusually high returns. Police recommend verifying the credentials of investment advisors through official regulatory bodies before committing funds. Anyone who believes they have fallen victim to similar schemes is advised to file a report immediately at their nearest police station.
