The Economic Offences Wing (EOW) has arrested a 43-year-old businessman from Nagpur for allegedly defrauding a Mumbai-based company of Rs 36.15 crore under the guise of supplying steel.
The accused, identified as Murtuza Yusuf Shakir, was taken into custody on Thursday by the EOW’s General Cheating Unit. He was earlier lodged at the Nagpur Central Jail.
According to police, Murtuza Yusuf Shakir and his 68-year-old partner Shirin Yusuf Shakir—who is currently absconding—allegedly duped Mumbai-based D.I. Steel Company by accepting hefty payments between February 17 and May 13 last year, but failed to supply 6,329.94 metric tons of steel as promised. Shakir has been booked under charges of criminal breach of trust and was remanded to police custody after being produced in court.
Shakir, charged under IPC sections for criminal breach of trust, was presented before the court and sent to police custody.
Police requested his custody to trace the entire money trail of Rs 36.15 crore, probe connections to family members and shell companies, recover misappropriated funds and documents, and prevent any tampering of evidence or influence on witnesses.
The complainant, Siddharth Magiya, alleged that his company transferred more than Rs 36.15 crore to the current account of Zagros Hardware Trading Company, run by the accused duo, for steel supplies on behalf of clients. However, no goods were delivered, and repeated efforts to recover the money proved unsuccessful.
Investigations showed that the accused diverted the funds to personal accounts, including suspicious debit transfers of Rs 79.25 lakh, cash withdrawals, and payments to relatives and shell companies such as Raj Enterprises.
Despite multiple summons for questioning, Murtuza Shakir reportedly avoided investigation and did not submit important documents like audit reports, GST filings, and sales ledgers.
He was previously arrested by Kalamna Police Station, Nagpur, in a separate financial case involving cheating, forgery, and breach of trust, and has been in Nagpur jail since then. “We took the court’s permission and obtained a production warrant and formally arrested him on Thursday,” said an officer.
👉 Click here to read the latest Gujarat news on TheLiveAhmedabad.com