The Sakinaka police have registered an FIR against three individuals for allegedly defrauding two brothers of approximately Rs70 lakh in a chit fund scam. The accused have been identified as Umar Sayyid and his two sons, Tufel Sayyid and Danish Sayyid. The case was filed on January 7.
According to the FIR, the complainant, Narindersingh Kohli, 61, a resident of Chandivali, Sakinaka, runs a financial consultancy business. A few years ago, he rented a hotel space in Powai with the assistance of property agent Umar Sayyid. The two became acquainted as Umar frequently visited the hotel. However, Kohli had to close the hotel during the Covid-19 pandemic. In January 2023, Umar contacted Kohli and proposed an investment scheme with guaranteed returns. Umar explained that he had started a chit fund (referred to as bhisi) with 20 members and invited Kohli to join, promising significant financial benefits.
Kohli, who was saving for his son’s wedding in 2025, decided to invest in the scheme. He also informed his brother, Gurmeetsingh Kohli, about the plan. Following the discussions, both brothers met Umar, who assured them that if they deposited Rs1.5 lakh per month into the chit fund, they would receive Rs 30 lakh after 20 months.
Kohli began investing Rs1.5 lakh per month. However, when it was time for the payouts in September 2024, Umar claimed that other members had failed to deposit their contributions. Subsequently, Umar and his sons, Tufel and Danish, shut down the chit fund business.
Before that in November 2023, Umar persuaded Kohli to invest in another chit fund with 16 members. The brothers paid Rs2 lakh per month on behalf of two members. However, when it was their turn to receive the payout, Umar failed to deliver. He blamed other members for not contributing and refused to pay.
In an attempt to pacify the brothers, Umar handed over his Fortuner Legender car, sharing the agreement and notarised documents via WhatsApp. However, the car had pending bank installments, which Umar promised to pay but did not. Additionally, he failed to return the money invested in the chit funds.
From April 2023 to September 2024, Umar, along with his sons, lured the brothers into investing in the chit funds with promises of high returns. The brothers were cheated of Rs69,90,040, comprising Rs22,84,250 paid online and Rs47,05,790 in cash. Realising the fraud, Kohli lodged a complaint at the Sakinaka police station, leading the police registered the case under sections 3 (5) (general explanations), 316 (2) (criminal breach of trust) and 318 (4) (cheating) of the Bharatiya Nyaya Sanhita.