MUMBAI: The Kasturba Marg police have arrested two men for allegedly defrauding a Borivali-based businessman of around ₹48 lakh. The alleged frauds, including two absconding accused, showed the businessman a forged loan sanction letter worth ₹3 crore from a private bank, for a hospital they claimed they were starting. They took money from him in several tranches between June 2025 and June 2026, but failed to provide any returns, the 52-year-old businessman said in his complaint to the police.(Shutterstock)According to the complainant, his relative Abdul Hamid Akhtar Hussain Paperwala visited him at his home in Borivali last year with three accomplices – Hussain Ahmed Siddiqui, Nafis Masur Siddiqui and Najma Siddiqui.During the visit, he claimed that Hussain and Najma were setting up their own hospital, and urged the businessman to invest in the project, promising lucrative returns. To gain his trust, they showed him a forged loan sanction letter worth ₹3 crore.“As the businessman’s cousin Paperwala vouched for the venture, he decided to invest in it. As per their agreement, between June 2025 and June 2026, he handed over ₹48 lakh to the accused – ₹43 lakh via bank transfers and ₹5 lakh in cash,” a police officer familiar with the matter told HT. .When the businessman questioned the accused about the promised returns, they evaded him repeatedly, prompting him to approach the police, the officer said. The police registered a case against the four accused after verifying the complaint, and arrested Paperwala and Hussain Siddiqui on Tuesday. The duo was produced in court on Wednesday and remanded in police custody for five days.“A search is on for the two remaining accused,” the officer quoted earlier said.