In a shocking case of financial fraud, a hotelier from the Gamdevi area has allegedly been duped of ₹4.87 crore under the pretext of investments in the textiles and film industries. The Gamdevi Police have registered a case of cheating against a businessman and his son. The accused have been identified as Parag Shah and Jugraj, both residents of Chembur. The father-son duo are currently absconding and have been declared wanted by the police.
The complainant, a 43-year-old hotelier residing on Bomanji Petit Road, came into contact with the Shahs two years ago. The initial meeting between them took place at Shiv Sagar Hotel near Kemps Corner in Gamdevi. During the meeting, the accused introduced themselves as textile businessmen with their own company. They claimed they were seeking financial investors to expand their business and offered the complainant an attractive investment opportunity with high returns.
Trusting their assurances, the hotelier invested a total of ₹4.87 crore over the past two years. The Shahs reportedly told him the funds would be utilized for expanding their textile business and for investments in the film industry. They also promised substantial returns within a stipulated period.
However, when the promised returns failed to materialize, the complainant grew suspicious. Additionally, cheques issued by the Shahs bounced when presented at the bank. Investigations revealed that the accused had allegedly misused the funds for personal gains instead of investing them in business ventures. When confronted, the duo reportedly threatened the complainant and outrightly refused to return the money.
Realizing the fraud, the complainant approached the Gamdevi Police Station and filed a complaint against Jugraj and Parag. Following an investigation, the police registered a case of cheating under relevant sections of the Indian Penal Code.
The police have launched a manhunt for the absconding accused and are continuing their investigation into the matter.