Hotelier duped of Rs 4.87 cr in name of high returns on investment

December 24, 2024 21:51

A Mumbai-based hotelier was allegedly cheated of Rs 4.87 crore by a businessman and his son under the pretext of offering high returns on his investment in textile and film industries, the police said on Tuesday.

An FIR was registered against Jugraj Shah and his son Parag Shah, residents of Chembur, and launched a search to trace them.

The hotelier was acquainted with the father-son duo, who introduced themselves as textile traders with a manufacturing unit, two years ago, a police official said quoting the FIR.

They lured the hotelier with the promise of hefty returns following which he invested Rs 4.87 crore in their firm over the past two years.

The accused duo allegedly promised the hotelier to utilise his investment in the textile sector and film industry, the police said.

When the hotelier failed to receive returns on his investment, he approached the police and lodged a complaint. -- PTI

« Back to LIVE

TOP STORIES

Atalji@100: Vajpayee's Unmatched Legacy

It was good fortune for India to have Atal Bihari Vajpayee lead the government at a crucial moment in our history. He avoided India meeting the fate of Iraq or Ukraine, asserts military historian Colonel Anil A Athale (retd).

LIVE! Atishi likely to be arrested soon: Kejriwal

Delhi govt departments warn public about AAP schemes

The Delhi government's Women and Child Development and Health departments issued public notices on Wednesday distancing themselves from the ruling Aam Aadmi Party's promised schemes of providing Rs 2,100 to women and free treatment for...

Afghanistan: Local staffer at Indian consulate shot at

An Afghan national working at the Indian consulate in Jalalabad sustained injuries when unidentified persons opened fire at his vehicle. India had closed operations at the consulate in 2020 but a number of local staffers were working at...

Pak bombings in Afghanistan kill 15; Kabul to retaliate

The ministry stated that defending their land and sovereignty is their legitimate right, and condemned the attack, claiming that "Waziristani refugees" were among those targeted.