Dubai Businessman Alleges ₹5 Crore Fraud By Srinagar Based Trader

(MENAFN- Kashmir Observer) Srinagar- A Dubai-based businessman, Anil Bhagwandas Karamchandani, on Thursday held a press conference to expose what he called a shocking case of financial fraud involving a Srinagar-based businessman who allegedly cheated him of ₹5 Crores under the guise of a property deal in Dubai.

Karamchandani, a Mumbai based entrepreneur residing in the UAE, alleged that he was lured into the scam by Mukhtar Ahmad Dar, son of Ghulam Rasool Dar, who operates under the banner of“FM Group” at Humhama in Budgam. According to Karamchandani, Mukhtar posed as a politician and philanthropist and presented himself as a man of great influence and wealth.

“In 2025, Mukhtar Ahmad offered me a supermarket property in Dubai while claiming his own commercial building was under construction. Believing him, I transferred ₹5 Crores as an advance. However, after sometime, I was shocked to discover that he had sold the same property to someone else and returned to Srinagar,” Karamchandani said.

He added that after receiving the money, Mukhtar made repeated excuses and failed to hand over the promised property.“He said the developer was unavailable, then promised to refund the money, and later blocked me altogether,” Karamchandani said.

The Dubai-based businessman while addressing a press conference in Srinagar said he managed to track Mukhtar down in Humhama, where the accused allegedly claimed his money was in Dubai and would be returned soon.“Later, he left for Singapore. I have learned that he is planning to settle there permanently since his son has secured admission in a school in Singapore.”

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Karamchandani as per the news agency Kashmir News Trust stated that the press conference was convened to present evidence and voice notes in which the accused can be heard admitting that he took the money and promised to return it. These recordings were played during the presser.

He said Mukhtar Ahmad had even contested elections in Jammu and Kashmir using the banner of a political party and claimed to be constructing a ₹100 crore hotel project near Srinagar International Airport.

“This man has cheated me and others. He is a serial con artist who is tarnishing the image of the business community in Kashmir,” said Karamchandani, who expressed deep disappointment over the betrayal and vowed to pursue legal action.“I want justice. I will approach the authorities and demand action. I am not the only victim; many have suffered at his hands.”

Calling upon the administration and law enforcement agencies to act, Karamchandani urged them to investigate the matter seriously and prevent others from falling prey to such fraudulent individuals. (KNT)

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