Brothers duped of Rs 54.98 cr by business partner

The victims told the police that they had transferred the money to the bank accounts of the accused between 2014 and 2017.

Two brothers, both businessmen, were allegedly duped of Rs 54.98 crore by their business partner, with whom they had invested money in a venture, the police said on Saturday.

The accused allegedly cheated his business partners between 2014 and 2017. (HT PHOTO)

The brothers, who are residents of South City I, told the police that they had transferred the money to the bank accounts of the accused between 2014 and 2017. The accused allegedly cheated them by stating that he was supplying raw materials to various companies, said assistant sub-inspector Rakesh Kumar, who is the investigating officer in the case.

An FIR was registered at Sector 40 police station under sections 420 (cheating), 406 (criminal breach of trust) and 34 (acts done by several persons in furtherance of common intention) of the Indian Penal Code on Friday.

The victims run two colour masterbatch companies in Rajasthan while the accused runs two companies in Basai in the city.

The victims, Manish Aggarwal and Milan Aggarwal, told police that the accused convinced them to invest in rubber business. When the Aggarwals started asking for their money back, the accused told that he was supplying raw materials to popular tyre manufacturing companies.

Kumar said that police will first request the banks to provide details of the alleged transactions and later question the accused.