Mon Feb 23 14:49:36 UTC 2026: ### Mumbai Police Bust Investment Scam, Two Arrested for Duping Textile Trader of Rs 2.88 Crore
The Story:
Mumbai police have arrested two men, Ilyas Abdul Wahid and Makdum Akhil Mohammed, for allegedly defrauding a Gujarat-based textile trader, Darshan Shah, of Rs 2.88 crore. The suspects lured Shah with promises of a 5 percent monthly return on an investment in Aquavayu Elements Pvt Ltd. The accused were produced in court and remanded to police custody until February 27.
Key Points:
- Complainant Darshan Shah, runs a textile firm, K Lakeri Fab Tex, in Ahmedabad and Mumbai.
- Shah was introduced to the investment scheme by Amit Kumar Shankarlal in October 2023, who claimed to be a director in Aquavayu Elements Pvt. Ltd.
- Shah transferred Rs 2.88 crore to the company’s account on November 6, 2023, in six RTGS transactions.
- The accused allegedly became unreachable after Shah requested post-dated cheques as security.
- Police investigation revealed that Amit Kumar Shankarlal and other named partners did not hold official positions in the company.
- Funds were distributed to various accounts, including a Rs 50 lakh payment to a private developer in Bengaluru, Rs 1 crore to an individual named Samir in Hyderabad, and Rs 43 lakh to Makdum’s bank account.
- Ilyas allegedly received a 10 percent commission.
Key Takeaways:
- The case highlights the vulnerability of businesses to investment scams promising high returns.
- The investigation reveals a complex web of financial transactions designed to obscure the fraudulent activity.
- The involvement of multiple individuals, each working on a “percentage basis,” suggests a well-organized criminal operation.
- The reporter, Manish Kumar Pathak, has extensive experience covering similar financial crimes in the Mumbai region, adding credibility to the report.
- The fact that the victim waited until August 2025 to file a complaint suggests a possible initial belief in the legitimacy of the investment.
First Piper 