Thane: Elderly Textile Businessman Loses Rs 1.5 Cr in Machinery Fraud, Case Registered

In significant fraud case has came to light from Thane where a elderly man who is power loom holder allegedly got duped for Rs 1.5 cr. Victim accused three individuals that they promised to supply new equipment for his business but defrauded them. Following the fraud the case has been reported to Shanti Nagar police station in Bhiwandi . 

As per the FPJ reports man stated that he provided the money to fraudsters in January 2024 to get equipment for tis textile business. Despite multiple follow-ups, the accused individuals neither provided the machinery nor refunded the Rs 1.5 crore to the complainant, according to the FIR filed on Wednesday. The entrepreneur also claimed to have received threats from the three.

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Accused have been charged with cheating, criminal intimidation and  other offenses under the Bharatiya Nyaya Sanhita, the official stated, noting that an investigation is currently ongoing.