Mumbai EOW Files Case Against Businessman Faizal Ahmed Over ₹13.65 Crore Fraud

The Economic Offences Wing (EOW) of the Mumbai Police has registered a case against Faizal Nisar Ahmed for allegedly committing a fraud of Rs13.65 crore. Ahmed is accused of misusing a business loan for personal expenses, violating the terms of the agreement.

The case was filed at the Worli Police Station following a complaint by Sameer Girish Rai,42, a construction businessman residing at Sangam Co-op Housing Society, Manipada, Kalina, Santacruz (East). Rai filed the complaint on behalf of his longtime friend, senior advocate Cyrus Soli Nallashet (67), who resides in Mumbai but spends a significant part of the year in the United States.

Loan Details and Alleged Misuse

According to the FIR, Nallashet met Faizal Ahmed in 2010 through a family acquaintance, Evon Shaikh. Ahmed had claimed to run a luxury car buying and selling business under the names A.M. Motors, Faizal Ahmed, and Car City. In 2012, Ahmed approached Nallashet seeking a loan of Rs2 crore for business expansion and verbally promised to pay annual interest at a rate of 24% to 36%. Between 2012 and 2017, Nallashet disbursed a total of Rs12.23 crore to Ahmed in various installments.

However, it was later discovered that the majority of the loan amount was used for Ahmed's personal expenses rather than for business purposes. To gain further trust, Ahmed repaid only Rs3.36 lakh initially. No formal written agreement was made until 2019, which Ahmed allegedly took advantage of.

Formal Loan and Consultancy Agreement

Due to growing mistrust, a formal loan agreement was signed on June 7, 2019, in which Ahmed agreed to repay the loan within three years. Despite this, he failed to return the principal amount of Rs8.86 crore or the promised interest, thereby committing fraud, the complaint states.

Mumbai EOW Arrests Second Accused In ₹50 Crore Property Fraud Case

Additionally, Nallashet had provided financial and business consultancy services to Ahmed from 2012 to 2019 for a period of 84 months, for which he was never compensated. A separate "Consultancy Agreement" dated June 7, 2019, estimates the unpaid consultancy fees at Rs4.78 crore. Several cheques issued by Ahmed in this regard reportedly bounced.

Case Filed Under IPC Section 420

Following repeated but unsuccessful attempts to recover the money, Nallashet filed a complaint with the Mumbai EOW. Based on the findings, a case has been registered against Faizal Ahmed under Section 420 of the Indian Penal Code (IPC) for cheating.

Further investigation is underway.

Budget Advertisement: To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/