MUMBAI: The Economic Offences Wing of Mumbai police has registered an FIR of cheating against ALX shipping agencies, subsidiary of All cargo shipping and Dubai based Aladdin Express which is accused of persuading a investor Logistic company to invest with a promise of good returns but failed to pay. The firms also executed multiple business agreements to gain complainant’s trust and later violated these commitments, resulting in a financial loss of Rs 18.33 Cr to the complainant. The complaint was lodged by 45-year-old Vishal Mehta, Director of Rushabh Sealink and Logistics Pvt Ltd. Police registered an FIR of cheating, forgery and breach of trust and the EOW has taken over the probe. The alleged offence period spans from April 22, 2025, to the present, with the crime location listed as Art Guild House in Kurla (West).The FIR names Sandeep Bakshi, CEO of ALX Shipping Agencies India Pvt Ltd; Vikas Khan, Director of Aladdin Express DMCC; Ali Khan, CEO of Aladdin Express DMCC; and the companies ALX Shipping Agencies India Pvt Ltd and Aladdin Express DMCC as accused. The ALX shipping CEO Sandeep Bakshi responded to TOI saying the payments have been received in ALX India agency bank account and remitted to ALX DMCC Dubai Bank with 2 approvers one from ALX India and one from Allcargo finance team. “ I have been made scapegoat in this, I have only followed instructions of the directors and shareholders of ALX India/Alx DMCC. The cheque books were not in my custody. No amount has come into my personal account. All relevant emails and approvals from the Shareholders / directors of ALX India agency / ALX DMCC Dubai have been submitted with EOW.’’ Said Bakshi.All cargo took the financial decisions and was dealing with the Bankers, auditors and accounting with ALX DMCC finance persons. Mehta has alleged that Bakshi persuaded him in April 2025 to invest Rs10 crore in OEL Express India Pvt. Ltd., promising a fix profit on every assignment. Although the first investment cycle was returned, subsequent transactions allegedly resulted in large unpaid amounts. Mehta stated that only Rs1.5 crore was returned from a second Rs10 crore investment in OEL Express. He further invested Rs10 crore in ALX Shipping on Bakshi’s instructions, for which he was assured Rs12.10 crore in two months. The complaint says that Rs8.75 crore from this transaction remains unpaid.The complainant also alleged losses due to non-arrival of ships Leela Mombasa and Xinjinhai-2 after release orders were issued to his company. To prevent damage to perishable cargo, Mehta claims he transferred US$ 8,75,000 (Rs7.61 crore) to ALX Shipping to cover vessel fuel and freight dues. He was also promised US$ 1,25,000 (Rs1.08 crore) as profit from a voyage, which he says was not paid.Mehta further reported an additional Rs88 lakh loss after ALX allegedly withdrew a release order for 302 containers, forcing him to ship consignments through another vessel. The case involves both domestic and foreign companies, and investigators are now tracing the financial trail to determine whether funds were transferred abroad and, if so, to which entities and accounts. More individuals are likely to come under scrutiny as the probe progresses.Bakshi has also filed an application with EOW against ALX and All cargo for having cheated him and were aware of all the wrong doing, but made him a scapegoat.
