Two individuals have been apprehended in Thane for allegedly orchestrating an investment fraud, swindling a businessman out of lakhs of rupees with promises of a lucrative investment and counterfeit financial documents.
Two persons have been arrested for allegedly cheating a businessman of lakhs of rupees by promising to arrange a Rs 50 crore investment in his company, police said on Thursday.
Vinod Yadav alias Baba Yadav and Dilip Mamtora, along with another person, allegedly provided a fake 'Angadiya' (courier) receipt and SWIFT documents for USD 28 lakh to the complainant to gain his trust, and took Rs 34.20 lakh from him between August 2025 and March 2026.
But the complainant received no funds in his accounts.
A case was registered at Kashigaon police station in Bhayander under Bharatiya Nyaya Sanhita (BNS) for cheating, forgery and criminal conspiracy, and Yadav and Mamtora were arrested on Tuesday, officials said.
Police have recovered Rs 34.20 lakh from the accused, said Assistant Commissioner of Police (Crime) Madan Ballal.
"Preliminary investigation has revealed that the accused have cheated several other individuals using a similar modus operandi," he added.
Further investigation is underway, officials said.