A bank manager has been arrested for allegedly defrauding over 30 individuals under the pretext of investing in mutual funds, according to the Nagpada police.
The accused, Azar Kalaam Hashmi (35), hails from Uttar Pradesh and currently resides in Kurla with his family. He was apprehended following a complaint from Shabuddin Chaudhary, a small-time businessman who claims to have been defrauded of Rs25.5 lakh.
Chaudhary reported that Hashmi had promised lucrative returns on mutual fund investments but failed to deliver, leading to significant financial losses for multiple victims. The police are continuing their investigation to determine the full extent of the scam and identify other potential victims.