Mumbai: Rs 77-lakh agro-trading scam busted, one held, kingpin still on the run

Accused Yunus Maniar

The Matunga police have arrested a man for his involvement in a racket that duped multiple individuals into investing a collective Rs 77 lakh in bogus agro-trading firms, promising high returns through fruit and vegetable supply deals. The accused and two accomplices allegedly floated five fictitious companies - including Agro Link Trading Corporation and its affiliates - projecting them as legitimate agricultural businesses. Investors were allegedly promised returns of up to 19 per cent monthly. To date, 11 victims have come forward, alleging a loss of Rs 48 lakh, while the main accused remains at large.

While the matter took place last year between January and June, a formal complaint was registered at the Matunga police station on March 31 this year. The complainant, a Thane-based man, alleged that he, along with his family, invested over Rs 2.22 lakh in Agro Link Trading Corporation LLP, whose Mumbai branch operated from Dadar East. The three accused - Yunus Maniar, Swapnil Dewan, and Amar Tukaram Waghmare - assured the victims returns as high as 19.06 per cent, comprising both principal and profit, promising a payout of R2.28 lakh on an investment of R1 lakh annually. In the beginning, the complainant, like other victims of this scheme, received returns, but the payments soon stopped.

Victims started to question the "directors " of these companies - who are the accused - after which they issued three cheques totalling R66,506 in February. The cheques bounced upon deposit Victims then approached the police, who began investigating the case and discovered that the arrested accused - Yunus - was a history-sheeter. "He was booked by the Goregaon police in 2015 in a Rs 20-crore fraud case which involved thousands of victims," said a police official privy to the investigation.

On Thursday, police arrested Yunus, who was hiding in Haryana. "Yunus, the accused, has five to seven cases in Punjab and Delhi. In Maharashtra, he has over 10 cases," the official said. Dewan has been issued a notice by the police for his cooperation, while the main accused, Waghmare, is still at large.