Man held for duping people in name of investing in rare coins

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Mumbai, Jan 6 (PTI) A 30-year-old man has been arrested for allegedly duping people on the pretext of high returns from investment in rare coins, a police official said on Wednesday.

A British national is also wanted in the case, he said.

According to the official, the arrested accused has been identified as Amir Yakub Sheikh, who was nabbed from suburban Khar on Tuesday.

Sheikh helped the British national, Essa Ahmed Khan, in collecting rare coins from the Bhendi Bazar locality of Mumbai, he said.

Sheikh set up a company, Iliana Marketing, and collected Rs 1 crore to Rs 2 crore from investors promising them high returns, the official said.

The wanted accused, Khan, had set up another firm, EA Rarcoa Collectibles Pvt Ltd, and opened its offices at BKC in Mumbai and another in Bengaluru, he said.

The duo collected money from people to invest in trading of rare coins and assured them handsome returns, the official said.

They initially provided returns to some investors but later stop giving any profit.

The fraud came to light after one of the investors approached the Khar police and lodged an FIR against Khans company for duping him of over Rs 70 lakh, the official said.

During searches, the police seized 917 antique coins belongs to different countries, among other items, he said.

They also traced six bank accounts of the accused having Rs 1,11,47,099 in them, the official.

A look-out notice has been issued for Khan, who has fled India, he said.

The duo has been booked under relevant sections of the Indian Penal Code, including 420 (cheating), and further investigation is underway, the official added. PTI ZA RSY RSY