Man arrested in Thane for cheating investors of Rs 47 lakh

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A man accused of defrauding at least 10 people of over Rs 47 lakh under the pretext of offering lucrative returns from his car dealing business has been apprehended by the Thane police. The accused, identified as Zakir Ali Samad Ali Kazi (50), had been on the run for more than a year before his arrest on Thursday, according to PTI reports.

Kazi had been evading arrest since July 2023, when a case was lodged against him at the Rabodi police station on charges of cheating and criminal breach of trust. As per an official statement, Kazi was finally tracked down in Mumbra by Thane police after extensive efforts to locate him. However, his son and alleged accomplice, Adnaan Zakir Kazi (23), remains at large.

According to police sources, Kazi has a history of fraudulent activities, with at least four prior cheating cases registered against him. "Kazi used his family members to build credibility and earn the trust of potential investors," the official stated.

Explaining his modus operandi, the official added, "He convinced victims to invest in his car sale and purchase business, promising them high returns. Initially, he paid small amounts to gain their confidence but eventually stopped disbursing funds. By mid-2022, Kazi abruptly shut down his business, disappeared from the locality, and cut off all communication with his investors."

The victims of his fraudulent scheme, who collectively lost ₹47.69 lakh, filed a formal complaint against him in July 2023. Following this, Kazi was charged under various sections of the Indian Penal Code (IPC), including 420 (cheating), 409 (criminal breach of trust by a public servant or agent), 406 (criminal breach of trust), 34 (common intention), and 120B (criminal conspiracy).

As per PTI reports, the police investigation has also revealed that Kazi strategically involved his family members to strengthen his credibility and deceive more people. While he has been arrested, his son Adnaan continues to evade authorities.

Efforts are ongoing to locate the absconding accused, with police stating they are confident of apprehending him soon. Meanwhile, Kazi has been remanded to police custody for further investigation into his network and other potential victims.

PTI reports that the case underscores the importance of vigilance when considering financial investments, especially in schemes promising unusually high returns.

(With inputs from PTI)