Businessman duped of Rs 16 lakh in coconut trade fraud; 4 booked

Thane, Nov 11 (PTI) A 50-year-old businessman from Maharashtra's Thane city has allegedly been cheated of Rs 16.82 lakh after being promised high returns in the coconut trade, police said on Tuesday.

The Vartak Nagar police in Thane have registered an FIR against four individuals in connection with the fraud that took place between September and December 2024, they said.

"The accused lured the victim to partner with them and invest in the business of coconut sale, promising him lucrative returns. The victim, believing them, invested more than Rs 16 lakh in the business," an official from Vartak Nagar police station said.

Later, the accused paid him only Rs 1.59 lakh. When the businessman asked for the balance of the profit, the accused refused to make any more payment, the official said, quoting the victim's complaint.

Based on the complaint, the police on Monday registered a case against the four accused on charges of cheating and criminal breach of trust, he added. PTI COR GK