In a dramatic twist in a high-stakes financial fraud case, the Economic Offences Wing has arrested a 43-year-old businessman from Nagpur for allegedly orchestrating a ₹36.15 crore deception, masked as a legitimate steel supply deal with a Mumbai-based firm. Murtuza Yusuf Shakir was taken into custody from Nagpur Central Jail on Thursday by the General Cheating Unit after securing a court-issued production warrant.
The complaint, filed by businessman Siddharth Magiya, alleges that his company had transferred more than ₹36 crore to the account of Zagros Hardware Trading Company, operated by Murtuza and his business partner Shirin Yusuf Shakir, who is currently on the run. The money was meant to secure delivery of 6,329.94 metric tons of steel between February 17 and May 13 last year. But no steel ever arrived, and attempts to retrieve the funds hit a wall of silence.
Nagpur Police revealed that the duo allegedly redirected the funds into private accounts. The trail includes dubious transactions worth ₹79.25 lakh, involving direct transfers, cash withdrawals, and payments made to relatives and shadow entities such as Raj Enterprises. Authorities suspect a deeper financial nexus involving family members and front companies.
“Despite being summoned several times, Murtuza failed to appear or provide vital financial records including audit reports, GST returns and sales ledgers,” said an officer. Investigators believe he intentionally withheld documents, possibly to derail the inquiry.
Nagpur police argued before the court that they required Shakir’s custodial interrogation to track the flow of money, identify accomplices, retrieve key financial documents and prevent tampering of evidence or witness manipulation. The court agreed and remanded him to police custody.
Interestingly, this isn’t Murtuza’s first run-in with the law. He was already incarcerated in Nagpur Jail for a separate case involving forgery, cheating and criminal breach of trust. His latest arrest adds another chapter to an already murky tale of deceit and financial manipulation.
As investigators peel back the layers of this elaborate fraud, the search continues for absconding co-accused Shirin Shakir, and the elusive truth behind the missing crores.
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