Archive · 23 May 2025
Nagpur Businessman Arrested for Rs 36 Crore Steel Fraud
A businessman from Nagpur was arrested for tricking a Mumbai company.
He took over 36 crore rupees from the company, promising to deliver steel.
However, he never sent the steel.
Instead, he spent the money on himself and his family.
The police caught him and are now looking into how he spent all the money and if his family was involved.
He was already in jail for another financial crime when the police arrested him.
Murtuza Yusuf Shakir, a Nagpur businessman, was arrested by the EOW.
He allegedly embezzled Rs. 36.15 crore from a Mumbai company.
The money was taken for steel that was never delivered.
Shakir diverted funds to personal accounts and shell entities.
Shakir was already in custody for an unrelated financial crime.
- Who
- Murtuza Yusuf Shakir and Shirin Yusuf Shakir
- What
- Murtuza Yusuf Shakir was arrested for allegedly defrauding a Mumbai company of Rs 36.15 crore.
- When
- Between February 17 and May 13 of last year
- Where
- Nagpur and Mumbai, India
- Why
- To embezzle funds under the pretense of supplying steel.
- Victim Company
- Mumbai-based D.I. Steel Company
- Accused's Company
- Zagros Hardware Trading Company
- Amount of Fraud
- Rs. 36.15 crore
- Promised Steel
- 6,329.94 metric tons
- Main Accused
- Murtuza Yusuf Shakir (43)
- Co-accused
- Shirin Yusuf Shakir (68)
- Charges
- Criminal breach of trust, cheating, forgery