Rs 325 Crore Fraud Rocks Mumbai Shipping Sector, Major Firms Under Probe

A massive fraud exceeding Rs 325 crore has come to light in Mumbai's shipping and logistics industry, following a complaint by Vishal Mehta, director of Rushabh Sealink & Logistics Pvt. Ltd. The Economic Offences Wing (EOW) of Mumbai Police has launched an investigation into allegations of syphoned funds, diverted vessels, and bounced cheques involving prominent companies, including subsidiaries of Allcargo Logistics Ltd. Mehta's accusations highlight vulnerabilities in international trade operations, potentially implicating global players and causing widespread losses for exporters.

According to the complaint accessed by NDTV, the scam revolves around deceptive investment schemes promising assured profits in shipping ventures. Companies named include ALX Shipping Agencies India Pvt. Ltd., a subsidiary of Allcargo Logistics Ltd.; Dubai-based Aladdin Express DMCC; and OEL Express India Pvt. Ltd. Initial transactions proceeded smoothly, but Mehta alleges that funds were later diverted through questionable contracts. Key individuals implicated are Sandeep Bakshi, Ravi Jakhar, Vikas Khan, Ali Khan, Wing Kit Tsoi (Andy), Abdullah, and Mohammad Rizwan Shaikh. The EOW is probing these links, with early indications of ties to international entities like Hutchison Port.

Central to the fraud are two vessels: Leela Mombasa and XXH-2. The Leela Mombasa, carrying cargo worth Rs 130 crore, was scheduled to dock at Nhava Sheva (Jawaharlal Nehru Port) on August 1 but arrived on August 13 after an unauthorised diversion to Oman instead of Djibouti. On August 26, Mehta claims he was coerced into paying $1 million in extortion to resume operations, yet the ship only reached Djibouti on September 15. Similarly, XXH-2 was rerouted from Jeddah to Karachi, where it was detained for 10 days, exacerbating delays and financial strain.

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Compounding the issue, security cheques from ALX Shipping Agencies and OEL Express bounced—one for insufficient funds and another due to a signature mismatch—leaving cargo valued over Rs 290 crore stranded. Exporters have incurred substantial losses from demurrage, storage fees, and missed deadlines. Mehta emphasised to NDTV that the scandal extends beyond his firm, threatening the integrity of India's logistics ecosystem, a sector critical to the nation's $1 trillion export target by 2030. The EOW's inquiry, which began this week, aims to trace fund flows and recover assets, with potential arrests pending forensic audits.

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