Fraud – Mumbai Businessman Loses ₹1.13 Crore in Fake Goa Project
Fraud –A Mumbai-based entrepreneur has allegedly been defrauded of over ₹1.13 crore in a case that has raised fresh concerns about investment scams linked to supposed government-backed initiatives. The MHB Police have taken into custody Dr. Sajid N. Sayyed, who is accused of misleading the victim with promises of involvement in a ‘Smart Village’ project in Goa.
How the Alleged Scheme Was Presented
According to investigators, the complainant, Deveshanand Digambar Shirodkar, a 50-year-old director of Speedcom Internet Services Pvt. Ltd., first connected with the accused in August 2024. During their interactions, Sayyed reportedly introduced himself as the chairman of an organization called “Bharat CSR Network” and claimed to be associated with a government-supported rural development initiative.
Police officials stated that the accused projected himself as someone with strong ties to senior authorities. To support his claims, he allegedly displayed photographs and videos showing him alongside government officials, including Goa’s Chief Minister. These visuals were used to build credibility and convince the businessman that the project had official backing.
Initial Investment and Expansion of the Project
Investigators revealed that the accused requested an initial investment of ₹50 lakh to secure entry into the project. Trusting the representation, Shirodkar transferred the amount through two cheques issued from his Axis Bank account in September 2024.
Following this, the complainant’s company began work on pilot services in Goa. Internet hotspot installations were carried out in regions such as Ponda, Shiroda, and Colvale. Over time, the project expanded, and by July 2025, the total expenditure on operations in Goa had reached approximately ₹58 lakh.
Additional Infrastructure Costs in Mumbai
Apart from the Goa project, the complainant also invested in related infrastructure work in Mumbai based on the accused’s directions. This included laying an 8-kilometre fibre network and installing seven CCTV cameras, which added another ₹5 lakh to the total cost.
Despite the completion of these tasks, police said that no payments or returns were provided by the accused. Repeated attempts by the complainant to recover funds reportedly went unanswered, eventually leading to suspicion and a formal complaint.
Doubts Over Documentation and Legitimacy
During the course of the investigation, authorities found that certain documents presented by the accused appeared questionable. Among them was a “Letter of Empanelment” that was meant to establish the authenticity of the project. However, officials now believe these documents may have been fabricated or misrepresented.
It was also noted that no formal Memorandum of Understanding was ever signed between the parties, which further weakened the legal basis of the agreement and raised red flags about the entire arrangement.
Wider Concerns and Ongoing Investigation
Preliminary findings suggest that this may not be an isolated case. Police are examining whether similar methods were used to target other individuals or businesses. Financial records, transaction details, and supporting documents submitted by the complainant are currently under review.
Authorities have emphasized the need for caution when dealing with investment opportunities, especially those claiming links to government programs or CSR initiatives. They have advised entrepreneurs and investors to thoroughly verify credentials, check official approvals, and ensure proper documentation before committing funds.
The case highlights the growing sophistication of financial fraud schemes and the importance of due diligence in business dealings.