Wine shop owner loses ₹10L lured by 5% cut in exchange of ₹2000 notes

MUMBAI A wine shop owner from Wadala ended up paying a high price driven by a quest to make a quick buck trading with unknown persons. The 60-year-old was cheated of ₹10 lakh by frauds who promised him five per cent commission on exchange of ₹2000 notes.

The Reserve Bank of India has mandated that all deposits of ₹2000 banknotes be made into the central bank’s accounts or be exchanged for banknotes of other denominations at any other bank branch by September 30, 2023.

According to Matunga police, where Colaba resident Khudaram Zandbaf eventually registered a case of fraud, he had cracked the deal with unknown persons on the phone following which it was decided that he would carry the sum in ₹500 denominations to Kopar Khairane where the bags would be exchanged. Several meetings were held between the two prior to this – it was earlier decided that Zandbaf would trade ₹15 lakh in cash, but settled on ₹10 lakh eventually. He was asked to bring the cash on August 9 and deliver it to a man near Kokilaben Dhirubhai Ambani Hospital.

He travelled in his car to the private hospital, accompanied by another person known to him, to Navi Mumbai and found someone waiting for him near the gate of the hospital with a bag in his hand. The man got in his car and asked the wine shop owner to drive away from the hospital. After traveling a distance, the unknown man received a call – the caller asked him to exchange the bag with the wine shop owner. No sooner had he received the bag, two persons wearing ‘Maharashtra police’ masks on their faces suddenly appeared at the spot.

The fake cops abused and beat up the man, forced him into another car and sped off with both bags of cash. Zandbaf realised he was duped and that all the men were hand-in-glove in the crime. He drove back and reported the incident at Matunga police station. “Based on his complaint, we have registered a case under sections 420 (cheating), 34 (common intention), 120B (criminal conspiracy) and 170 (personating a public servant) of the Indian Penal Code and are investigating into the matter,” said a police officer.