Two arrested in Rs 2.88 crore investment fraud promising 5% monthly returns
LT Marg police nab Hyderabad duo for allegedly duping Gujarat-based textile trader through bogus investment scheme in Aquavayu Elements Pvt. Ltd. hunt on for four others
The LT Marg Police Station has arrested two men for allegedly cheating a Gujarat-based textile trader of Rs 2.88 crore by luring him with promisesof a fixed 5 percent monthly return on investment.
The arrested accused have been identified as Ilyas Abdul Wahid, a director of Aquavayu Elements Pvt. Ltd., and Makdum Akhil Mohammed alias Kabir, a Hyderabad resident who was previously employed with a bank and is currently unemployed. Both were produced before a court and remanded to police custody till February 27.
According to police, the complainant, Darshan Shah (34), a resident of Ahmedabad, runs a textile firm, K Lakeri Fab Tex, with offices in Ahmedabad and Bhuleshwar in Mumbai. Shah stated that he procures raw cloth, gets it dyed locally, and sells it at wholesale rates across several cities, primarily in Mumbai.
In his complaint, Shah said he had known Ludhiana-based trader Amit Kumar Shankarlal since 2016. Though they stopped business dealings in 2022, they remained in contact.
In October 2023, Amit allegedly approached Shah with an investment proposal while Shah was in Mumbai for work. The two met at Shah’s Bhuleshwar office, where Amit introduced him to an investment scheme in Aquavayu Elements Pvt. Ltd., claiming to be a director in the company along with partners Lalit alias Nandid Mehta, Anuj Bhai and Suvarna. Shah was allegedly assured of a fixed return of 5 percent per month, with the company said to be investing across multiple sectors.
On October 31, 2023, Amit allegedly asked Shah to transfer funds via RTGS to the company’s bank account. Shah arranged the funds through his father and a family acquaintance, businessman Chirag Patel, who agreed to lend the amount for three months. On November 6, Shah transferred Rs 2.88 crore in six RTGS transactions to the company’s account.
However, when Shah later sought post-dated cheques as security for the investment, the accused allegedly began avoiding his calls, offering excuses before eventually becoming unreachable. Suspecting fraud, Shah approached the police in August 2025 and lodged a written complaint.
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During the investigation, police found that Amit and the other named partners did not hold any official positions in the company. Investigators further revealed that after the funds were credited to the company’s account, Ilyas allegedly took a 10 percent commission, while the remaining amount was distributed to various accounts, including Rs 50 lakh to a private developer in Bengaluru, Rs 1 crore to an account belonging to a Hyderabad-based individual named Samir, and Rs 43 lakh to Makdum’s bank account.
“Each person involved in the crime was working on a percentage basis,” said Sub-Inspector Krunal Gholap of LT Marg police station, adding that efforts are underway to trace the remaining accused, including Suvarna and others named in the FIR.
Manish Kumar Pathak is a dedicated journalist reporting for The Indian Express from Mumbai. His work demonstrates substantial Expertise and Authority across the complex field of crime reporting, with a strong focus on law enforcement actions, fraud, and cyber security challenges facing the metropolitan region.
Expertise & Authority
Affiliation: Reports for the nationally recognized daily, The Indian Express, providing his content with high Trustworthiness.
Geographical Focus: Provides comprehensive, ground-level coverage of breaking news and investigative matters across Mumbai and the surrounding regions (e.g., Thane, Vasai).
Core Authority: His reporting portfolio highlights deep Expertise in crucial beats, including:
Cyber & Financial Crime: Extensive coverage of sophisticated scams, including cases involving high-value cyber fraud, stock market manipulation scams, and fraudsters using government figures to gain trust.
Law Enforcement & Investigation: Reports directly on major police actions, including arrests made by the Economic Offences Wing (EOW) in fraud cases (e.g., MHADA flat scams) and detailed coverage of murder and kidnapping investigations.
Major Incidents & Public Safety: Covers significant incidents like building collapses, road accidents, and public safety issues such as theft at large public events.
Defence & Maritime: Also covers key updates regarding the Indian Navy, including the commissioning of new vessels and strategic defense announcements.
Manish Kumar Pathak's consistent focus on crime, fraud, and the workings of the Mumbai police system establishes him as a trusted and authoritative source for critical news in Western India. ... Read More
