MUMBAI: A 43 year old Nagpur based businessman was arrested by the Economic Offences Wing (EOW), M for allegedly embezzling Rs. 36.15 crore under the pretext of supplying steel to a Mumbai company.The General cheating unit of EOW on Thursday took Murtuza Yusuf Shakir’s custody from Nagpur Central Jail.Shakir, along with his co-accused and business partner Shirin Yusuf Shakir (68)—who is currently absconding—allegedly defrauded Mumbai-based D.I. Steel Company by collecting massive payments between February 17 and May 13 last year, without delivering the promised 6,329.94 metric tons of steel, said police. Shakir who has been booked under IPC sections of criminal breach of trust was produced before the court and was remanded to police custody.While seeking his police custody police told court that they need his custody to trace the full money trail and determine how the Rs. 36.15 crore was used, to investigate financial links to family members and shell firms, recover misappropriated funds and documents withheld by the accused and prevent him from tampering of evidence and influencing of witnesses.The complainant, Siddharth Magiya, alleged that his company transferred over Rs. 36.15 crore to the current account of Zagros Hardware Trading Company, operated by the accused duo, for supplying steel on behalf of clients. However, no goods were delivered, and repeated attempts to recover the money failed.Investigations revealed that the accused diverted the funds to personal accounts, including Rs. 79.25 lakh in suspicious debit transfers, cash withdrawals, and payments to relatives and shell entities like Raj Enterprises.Despite being summoned multiple times for questioning, Murtuza Shakir reportedly evaded investigation and failed to produce critical documents such as audit reports, GST filings, and sales ledgers.The accused was earlier arrested by Kalamna Police Station, Nagpur, in an unrelated financial crime involving sections of cheating, forgery and breach of trust and since than he was lodged in Nagpur jail.“We took the court’s permission and obtained a production warrant and formally arrested him on Thursday”said an officer.