Mumbai court acquits Mehraj Qureshi in Rs 2 crore textile investment fraud case
A Mumbai metropolitan court has acquitted Mehraj Qureshi, who operated the Sunshine Beauty Parlour, in a 2007 textile investment fraud case involving Rs 2 crore. Additional Chief Judicial Magistrate SK Fokmare of the 19th Court delivered the ruling, stating that the prosecution failed to prove Qureshi's involvement or any common intention to defraud investors.
The case dates back to 2007 when more than 30 investors were allegedly duped of approximately Rs 2 crore. According to the prosecution, the investors were induced to put money into a purported textile import business run by the main accused, Parveen Tahir Merchant. The business allegedly promised high returns on importing cloth from Dubai and Pakistan.
The original complainant, Aashiya Lasanwala, alleged that she became acquainted with Merchant through Qureshi. Lasanwala claimed she initially invested Rs 50,000 after being promised monthly returns of Rs 10,000, and was later asked for more funds to release imported consignments. However, after making an initial payment, Merchant allegedly stopped returns, refused refunds, and threatened the investors.
During the trial, the court noted a significant gap in the prosecution's case, as the original complainant, Lasanwala, was never examined. Furthermore, the court found that none of the victim witnesses had entered into any monetary transactions with Qureshi.
Aftaf Qureshi, the advocate representing Mehraj Qureshi, stated that the prosecution examined 12 witnesses, including several alleged victims. However, these witnesses consistently admitted during cross-examination that they had handed money only to Merchant, and not to Qureshi. One witness, a landlord who testified, admitted her grievance was limited to unpaid rent and had no connection to the investment scheme.
Magistrate Fokmare held that while there was material against the absconding accused Merchant, the evidence against Qureshi was insufficient. The court ruled that the prosecution failed to establish that Qureshi knowingly made false representations or shared a common intention to cheat.
The trial against Merchant was separated after she absconded, and the proceedings against her remain pending. Meanwhile, two other accused in the case, Jyoti Hasmukh Mistry and Shakil Ahmed Rehmani, were discharged in December 2015.
