In a significant development, the Matunga Police have arrested a man involved in a high-profile agro-trading scam that defrauded multiple investors of over Rs77 lakh. The accused, Yunus Maniar, along with two accomplices, is accused of floating five bogus agricultural companies, including Agro Link Trading Corporation, and luring victims with the promise of monthly returns up to 19%.
The scam unfolded between January and June last year, but the case was formally registered on March 31 this year. The complaint was filed by a Thane-based man who, along with his family, invested over Rs2.22 lakh in Agro Link’s Dadar East branch. Victims initially received returns, which helped build trust, but payments eventually stopped.
Alongside Yunus, the other two accused have been identified as Swapnil Dewan and Amar Tukaram Waghmare. Dewan has been issued a notice and is cooperating with the investigation, while Waghmare remains at large.
So far, 11 victims have come forward, reporting collective losses of over Rs48 lakh. According to police, the accused issued three cheques worth Rs66,506 in February to pacify investors—all of which bounced.
Yunus Maniar, who was arrested on Thursday in Haryana, is a repeat offender. “He has over 10 cases in Maharashtra and several more in Punjab and Delhi,” said a senior police official. He was previously booked by Goregaon police in 2015 for a Rs20 crore fraud case involving thousands of victims.
The Matunga Police continue their investigation, with efforts ongoing to trace and apprehend the prime accused, Amar Waghmare.
