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

Mumbai, Dec 24 (PTI) 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, 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, police said.

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

Police registered a case under various sections of the Indian Penal Code for cheating and investigating. PTI ZA NSK