Nagpur, India: A major financial fraud has come to light in Nagpur, where an iron trader was duped of over ₹4.31 crore by two individuals posing as genuine suppliers. The Kalamna police have arrested one of the accused in connection with the case, while the search for the second continues.

The victim, Syed Farhan Syed Firoz, a 30-year-old trader from Netaji Nagar, Kalamna, deals in TMT iron rods. Between May and December 2024, he was approached by Murtuza Yusuf Shakir (42) and his associate Shirin Yusuf Shakir (69), both residents of Fatima Manzil in Mominpura. The duo offered to sell TMT rods at ₹10–15 per kg below the market rate, luring the trader into a seemingly lucrative deal.

Initially, the accused delivered materials as promised, earning the trader’s confidence. However, after receiving a total of ₹4.31 crore through cash and RTGS payments, they allegedly stopped deliveries. Instead, they began sending fake invoices and false ledger entries via WhatsApp, deceiving the trader and stalling for time.

Upon realising the fraud, Syed Farhan lodged a complaint with Kalamna police. A case has been registered under various sections of the Bharatiya Nyaya Sanhita (BNS), including charges related to cheating, forgery, and criminal conspiracy. One of the accused has been taken into custody, and further investigation is underway to trace the second suspect.

Police have urged local traders to remain vigilant and thoroughly verify new business partners to avoid falling prey to similar scams.