The Bombay city police’s Economic Offences Wing (EOW) on July 5 arrested late post-production studio owner and builder Yusuf Lakdawala’s son, Feroz, and his chartered accountant in a cheating case involving Rs. 45 crore. Feroz is accused of usurping several of his family properties.
Feroz and his CA, Akhtar Peerbhoy, will be produced before a court today (July 6). According to the police, Peerbhoy handles the affairs of Lakdawala’s companies. Feroz, allegedly in connivance with Akhtar Peerbhoy, cheated and took over a major portion of their company’s shares.
Yusuf Lakdawala, who had been arrested by the Enforcement Directorate, was in jail when Feroz seized the opportunity and allegedly took over several of his father’s properties. He is said to have bought more shares in his name without giving his father an opportunity to exercise his shareholder rights. Feroz allegedly reduced the shares of his father and the complainant, Sabina, causing a loss of more than Rs. 45 crore. Sabina is the stepmother of Feroz. Yusuf Lakdawala had died in jail.