Man cheated for ₹31 lakh on promise of high returns

The incident took place between September and October this year and FIR was registered on December 15

The Sinhagad Police have booked Abbas Tahebhai Mithaiwala (54), a Thane resident, for allegedly cheating a 49-year-old man to the tune of ₹31 lakh. The incident took place between September and October this year and FIR was registered on December 15.

The victim then approached the police and an FIR was lodged under Indian Penal Code (IPC) sections 406 and 420. No arrest has been made so far, said officials. (REPRESENTATIVE PHOTO)

The victim has been identified as Antar Sakharam Ambre (49), a resident of DSK Vishwa in Dhayari.

According to the FIR, the accused convinced the victim to invest in a company named Abinfinta Trade & advisory Ptv Ltd, Singapore, where he managed to obtain ₹11 lakh from the accused and paid him ₹1.10 lakh as a five per cent return on the investment amount.

After winning his trust Mithaiwala asked the victim to invest ₹20 lakh promising a higher return but never paid him the money.

Later , when the victim insisted for a refund , the accused gave him a cheque of ₹60 lakh which bounced.

He also made a draft agreement promising to part with his wife’s property to the victim but in actuality did execute the draft agreement legally.

The victim then approached the police and an FIR was lodged under Indian Penal Code (IPC) sections 406 and 420. No arrest has been made so far, said officials.