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Goa man held for duping Mumbai businessman of Rs 1.48 crore in boat investment scam
Following verification of the allegations, police arrested Naik and further investigation in the case is underway, an officer said.
The accused, identified as S Naik, a resident of Goa, has been remanded to police custody till Saturday, police said. (Source: File)
The Borivali police have arrested a Goa resident for allegedly cheating a 40-year-old shipping businessman of Rs 1.48 crore on the promise of high returns from an investment in a passenger boat contract in Abu Dhabi.
The accused, identified as S Naik, a resident of Goa, has been remanded to police custody till Saturday, police said.
According to police, the complainant, Tariq Pathan, who lives in Borivali, is engaged in the shipping business and had known Naik for several years.
In October 2025, Naik allegedly approached Pathan with a proposal to purchase a passenger crew boat that would be deployed with a firm in Abu Dhabi. He told Pathan that investing in the venture would yield substantial profits.
Trusting the proposal, Pathan initially paid Rs 20 lakh to Naik in the presence of a common friend, police said.
Naik later allegedly demanded additional funds, claiming the money was needed to raise capital and secure a contract with a company in Abu Dhabi in advance. Pathan subsequently paid another Rs 3 lakh.
According to the FIR, Pathan also managed to secure a contract through his own contacts based on Naik’s assurances.
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However, the boat was never purchased. Pathan told police that the delay and failure to fulfil the contract forced him to pay a penalty of 1,50,000 US dollars to the Abu Dhabi company to avoid his firm being blacklisted.
Police said that between October 2025 and January 22, 2026, Naik allegedly gained Pathan’s trust and collected Rs 23 lakh on the pretext of purchasing the passenger boat, causing the complainant an overall financial loss of about Rs 1.25 crore.
Despite repeated requests, Naik allegedly failed to return the money, after which Pathan approached the Borivali police and registered a complaint last month.
Following verification of the allegations, police arrested Naik and further investigation in the case is underway, an officer said.
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