Iron Bar Scam: Businessman Duped of Over Rs 4 Crore in Nagpur

A businessman from Yavatmal was swindled out of over Rs 4 crore in a fraudulent iron bar trading scheme in Nagpur. The accused lured the victim with discounted prices, later providing fake invoices instead of products. Police have arrested one suspect and are pursuing another.

Nagpur police have apprehended a man and charged another in connection with a major fraud case involving the alleged duping of over Rs 4 crore from a businessman in the TMT iron bar industry. The incident reportedly occurred between May and December 2024, officials confirmed on Thursday.

According to a complaint filed by 30-year-old trader Syed Farhan Syed Firoze, the two suspects, Murtuja Yusuf Shakir and Shirin Shakir, presented themselves as legitimate traders to gain his trust by offering TMT iron bars at prices below market rate. Initially, they supplied material at these discounted rates.

Over an eight-month span, the duo received a total of Rs 4.31 crore from the victim, ostensibly for supplying the promised goods. However, the accused sent fabricated documents portraying the dispatch of materials that were never actually delivered. Upon discovering the fraud, the victim lodged a complaint with local authorities. Subsequently, a case was registered under various sections of the Bharatiya Nyaya Sanhita (BNS). One arrest has been made while the search for the second suspect continues.

(With inputs from agencies.)