₹4.4 Crore Business Dream Turns Into Alleged Fraud, Ghatkopar Man Arrested in Navi Mumbai
Navi Mumbai: What began as a promising plan to enter the mobile phone business allegedly ended with a Govandi businessman losing ₹4.4 crore and waiting years for his money to be returned. Navi Mumbai Police have arrested a 30-year-old Ghatkopar resident, Deepak Karani, in connection with the alleged cheating case.
According to the police, Karani approached Satish Sawant, 40, in 2010 with what appeared to be an attractive business opportunity. He allegedly proposed that the two join hands as partners and open a retail outlet selling mobile phones and other handheld electronic devices.
Karani reportedly told Sawant that they would set up a shop in Vashi and focus on selling high-end mobile phones. The proposed business was presented as an opportunity with strong profit potential, and Sawant allegedly agreed to invest a substantial amount of money.
But the business that was supposed to begin never got off the ground.
Two years of waiting
Police said that after receiving the money, Karani allegedly kept postponing the launch of the proposed enterprise. Months passed without the promised store becoming operational, and the delays eventually stretched to nearly two years.
Growing concerned about the situation, Sawant allegedly began asking Karani to either start the business or return his money. Instead, according to the police, Karani started avoiding his calls and became increasingly difficult to reach.
“Karani said they would rent a store in Vashi and start retailing high-end phones. But for two years, he kept delaying the enterprise. When Sawant asked for his money back, Karani started avoiding his calls,” said Suresh Mengade, DCP (Crime).
With his repeated attempts to recover the money allegedly failing, Sawant approached the police in June 2012 and filed a complaint.
Frequent house changes made tracking difficult
Locating Karani proved to be another challenge for investigators. Police said he frequently shifted between rented homes, particularly in South Mumbai.
According to DCP Mengade, Karani had allegedly changed his residence eight times within nine months. The frequent moves made it difficult for investigators to establish his whereabouts and track him down.
Police eventually began looking more closely at Karani’s movements and learned that he often travelled to meetings using radio cabs.
Investigators reportedly contacted a cab company and used information about his travel patterns to narrow down his location. Their efforts eventually led them to a rented flat in Chembur, where Karani was arrested.
Six phones and 16 SIM cards recovered
At the time of the arrest, police recovered six mobile phones and 16 SIM cards from Karani.
Investigators believe the multiple phones and SIM cards could have helped him maintain contact with different people while making it harder for those trying to locate him. Police are examining the devices and communication records as part of their investigation.
The investigation also allegedly revealed that Sawant may not have been the only person who was approached with a similar business proposal.
Police suspect similar business dealings
According to investigators, Karani had allegedly used a similar pitch with other businessmen. Police said that before the Sawant case, Karani, along with Shibu Madhavan and Afzal Kapadia, had allegedly approached a Goregaon-based businessman with a proposal linked to a smartphone retail business.
The businessman was allegedly promised a share in the proposed venture but was subsequently cheated of approximately ₹28.8 lakh, according to the police.
Kapadia was arrested in connection with that case and was later released on bail, police said.
Investigators are now looking into Karani’s alleged business dealings and contacts to determine whether more people may have been approached using similar promises of profitable mobile phone ventures.
Investigation continues
The Navi Mumbai Police are continuing their investigation into the alleged ₹4.4-crore fraud. Officers are also examining whether the recovered phones and SIM cards can provide information about other alleged victims or business transactions.
The case serves as a reminder of the risks involved in handing over large sums of money based solely on attractive business promises. What appeared to Sawant to be an opportunity to build a profitable mobile phone retail business allegedly turned into a prolonged battle to recover his investment.
Police are now working to establish the complete sequence of events, trace the money involved and determine whether others were allegedly targeted through the same business proposition.
News source: Information for this article was gathered from a variety of reliable news outlets.
