A Dubai-based businessman, Anil Bhagwandas Karamchandani, on Thursday alleged a massive financial fraud involving a Srinagar-based trader, accusing him of cheating ₹5 crore in a fake property deal in Dubai.
Addressing a press conference in Srinagar, Karamchandani, a Mumbai-born entrepreneur living in the UAE, named the accused as Mukhtar Ahmad Dar, son of Ghulam Rasool Dar, who operates under the banner of FM Group at Humhama, Budgam. He claimed Mukhtar posed as a politician, philanthropist, and influential businessman to win his trust.
“In 2025, Mukhtar Ahmad offered me a supermarket property in Dubai, claiming his own commercial building was under construction. I paid him ₹5 crore in advance, only to find out later that he sold the same property to someone else and returned to Srinagar,” Karamchandani said.
He further alleged that Mukhtar repeatedly made excuses, promised to refund the money, and eventually blocked all communication. “When I tracked him to Humhama, he told me my money was in Dubai and would be returned soon. Later, he left for Singapore, and I have learned he plans to settle there permanently since his son has secured admission in a school there,” he said.
A Dubai-based businessman, Anil Bhagwandas Karamchandani, on Thursday accused a Srinagar-based trader of cheating him of ₹5 crore in a fraudulent property deal in Dubai.
Addressing a press conference in Srinagar, Karamchandani alleged that Mukhtar Ahmad Dar, son of Ghulam Rasool Dar, operating under the banner of FM Group in Humhama, Budgam, posed as a politician and philanthropist to gain his trust.
“In 2025, Mukhtar Ahmad offered me a supermarket property in Dubai, claiming that his own commercial building was under construction. Believing him, I transferred ₹5 crore as an advance. Later, I found out he had sold the same property to someone else and returned to Srinagar,” Karamchandani said.
He claimed Mukhtar repeatedly delayed handing over the property, citing excuses such as the developer being unavailable, then promising a refund, before eventually blocking him.
Karamchandani told reporters that he later traced Mukhtar in Humhama, where the accused allegedly claimed his money was still in Dubai and would be returned soon. “Later, he left for Singapore, and I have learned he is planning to settle there permanently after enrolling his son in a school there,” he said.
According to the news agency Kashmir News Trust, Karamchandani played voice recordings during the press conference in which the accused purportedly admitted to taking the money and promising to return it. He further alleged that Mukhtar had contested elections in Jammu and Kashmir under a political party’s banner and claimed to be building 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 Kashmir’s business community,” Karamchandani said, vowing legal action. “I want justice. I will approach the authorities and demand strong action. I am not the only victim; many have suffered at his hands.”
He urged the administration and law enforcement agencies to take the matter seriously and prevent others from falling victim to similar scams. (Agencies)
