Mumbai Businessman Swindled in Investment Scheme: Police

A Mumbai man, Anwar Ali Hassan Machhiwala, was arrested for allegedly cheating businessman Ishaq Hunnemiya Syed out of Rs 85 lakh by promising high returns from an investment scheme. Machhiwala's associates are currently on the run, and police have registered a case of cheating and criminal breach of trust.

Anwar Ali Hassan Machhiwala has been taken into custody by Mumbai police for reportedly defrauding Jogeshwari-based businessman Ishaq Hunnemiya Syed of Rs 85 lakh through a deceptive investment scheme.

Machhiwala, along with his missing associates Sakhi Haider Syed, Archana Satyendra Singh, and Naji Sakhi Haider Syed, allegedly promised high returns, including doubling the invested amount within 15 months.

Initially, the repayments were prompt, but they eventually ceased, prompting Syed to file a police complaint leading to the registration of cheating and criminal breach of trust charges.

(With inputs from agencies.)