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News Topical, Digital Desk : Vishal Pankaj Mehta, director of Ghatkopar-based Rishabh Sealink & Logistics Pvt Ltd, has exposed a major financial fraud case in his shipping and logistics business.
Mehta has alleged that officials of a shipping agency and a Dubai-based company, which has been engaged in shipping, logistics and freight forwarding for the past two decades, defrauded him of crores of rupees in the name of investments and business contracts.
The lure of high returns on investment
Vishal Mehta told the police in his statement that for the last 4-5 years his company was doing business with ALX Shipping Agencies India Pvt Ltd (CEO Sandeep Bakshi), which is the Indian agency of Dubai-based Aladdin Express DMCC (operators Ali Khan and Vikas Khan).
First investment proposal
In April 2025, Sandeep Bakshi proposed to Mehta to invest ₹10 crore in IL Express India Private Limited, promising a profit of ₹50 lakh a month. The returns on the first investment were received on time, which boosted Mehta's confidence.
Second investment and fraud
Mehta again invested Rs 10 crore, but this time only Rs 1.50 crore was returned.
Investment in ALX Shipping
At Bakshi's behest, ₹10 crore was invested in ALX Shipping Agencies India Private Limited, which was promised regular profits and a total return of ₹12.10 crore within two months. Mehta alleges that ALX did not refund the full amount of ₹87,513,478 for the business done, despite repeated assurances that the PDC checks and agreements would be ready.
Big losses due to disruption in ship operations
Apart from the investment, Ali Khan, operator of Aladdin Express DMCC, offered Mehta to use his company Rishabh Sealink to transport consignments of Leela Mombasa and Xinjinhai-2, promising profits above market rates.
Container Release Order
Mehta, convinced, accepted the release order for 775 containers of Leela Mombasa and 700 containers of Jhinjhinhay-2 and started receiving and dispatching goods to customers.
Delay in shipping and spoilage of goods
Both ships failed to arrive in India on time, delaying shipments to customers and causing some of the goods to be damaged. This resulted in financial losses for Mehta, as well as anger from customers.
money paid for fuel
Containers for the Xinjinhai-2 were loaded and "gate-in" at Kandla Port, but it was later discovered that ALX Shipping did not have the money to pay the ship's dues and fuel. To save the customer's cargo, Mehta, through his company, transferred $875,000 (approximately Rs. 76,125,000) via NEFT to ALX Shipping, allowing the ship to depart.
Not paying as promised
Mehta was supposed to immediately receive $1,25,000 (approximately Rs 1,08,75,000) after completing one round of the ship, but ALX company did not even give this amount.
Total loss of more than Rs 18 crore
According to Vishal Mehta, out of Rs 10 crore invested in OEL Express India Private Limited company at the behest of Sandeep Bakshi in mid-2025, even Rs 9.50 crore was not returned.
Additionally, despite placing a release order for the second round of 302 containers for the Leela Mombasa ship, the company never shipped these containers. This forced Mehta's company to switch to another ship, resulting in a loss of ₹8.8 million.
Mehta has alleged that Sandeep Bakshi, Vikas Khan, Ali Khan, ALX Shipping Agencies India Pvt. Ltd., and Aladdin Express DMCC conspired to defraud him. He suffered a total financial loss of ₹18,33,45,544 in these business dealings. Based on Vishal Mehta's statement, the police have registered a case and launched an investigation.
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