A 43-year-old Nagpur-based businessman, Murtuza Yusuf Shakir, was arrested by the Economic Offences Wing (EOW) for allegedly embezzling Rs 36.15 crore from a Mumbai-based company under the pretense of supplying steel.
On Thursday, the General Cheating Unit of the EOW secured Shakir’s custody from Nagpur Central Jail, where he was already lodged in connection with another financial crime. His co-accused and business partner, 68-year-old Shirin Yusuf Shakir, is currently absconding.
Police say the duo defrauded D.I. Steel Company between February 17 and May 13 last year, taking large advance payments without delivering the promised 6,329.94 metric tons of steel. Shakir has been booked under Indian Penal Code (IPC) sections for criminal breach of trust and produced before a court, which remanded him to police custody.
While requesting custody, police told the court they need to trace the money trail, uncover financial links to shell companies and relatives, recover funds, and secure documents withheld by the accused. Authorities are also concerned about the risk of evidence tampering and witness influence.
The complaint, filed by Siddharth Magiya, stated that the accused collected the funds in the current account of Zagros Hardware Trading Company. Subsequent investigations revealed misuse of funds via cash withdrawals, suspicious transfers worth Rs 79.25 lakh, and payments to relatives and shell entities like Raj Enterprises.
Despite being summoned several times, Murtuza Shakir reportedly evaded questioning and failed to submit key financial documents such as audit reports, GST filings, and sales ledgers.
An EOW officer confirmed: “We took the court’s permission, obtained a production warrant, and formally arrested him on Thursday.”
