Senior citizen duped of Rs 1.6 cr over promise of getting partnership in pharma firm

Mumbai, Sep 6 (PTI) A 74-year-old man was allegedly duped of Rs 1.6 crore by a businessman who promised to set up a pharmaceutical unit in partnership, a Mumbai police official said on Saturday.

The complainant runs a private company that sells pharmaceutical products across India and abroad, the Juhu police station official said.

"Four years ago, he came in contact with accused Dhanesh Gundecha, a businessman from Nagpur, who proposed a new capsule manufacturing venture. He offered the complainant 25 per cent partnership stake, for which the latter invested Rs 1.6 crore. After the venture failed to take off, Gundecha did not return the money," the official said.

A case of cheating and criminal breach of trust was registered against Gundecha on Friday, he said. PTI ZA BNM