Thane, Jun 22 (PTI) The Navi Mumbai police have registered a case against a 35-year-old man for allegedly cheating a textile businessman of Rs 50 lakh, an official said on Thursday.
The accused approached the 56-year-old victim and asked him and his son to invest in a club business promising 25 per cent partnership and lucrative returns, the official from APMC police station said.
They then signed an MoU and the victim made a payment of Rs 50 lakh to the accused, he said.
Later, when the victim enquired about the returns, he was informed that the business has been already sold to some partners of the accused, the official said, adding the offence took place between February 2022 and May 2023.
The victim on Wednesday lodged a police complaint, based on which a case was registered against the accused under Indian Penal Code Section 420 (cheating), he said.
No arrest has been made so far and a probe is on into the case, the police said.