Published On : Sat, Jul 13th, 2013

Mumbai businessman duped city investors of Rs 25.50 lakhs

Nagpur News : Ambazari police has booked Dadar resident Paresh Cheda,48, for allegedly duping many city businessmen of Rs 25.50 by assuring them of high profit on investment in his company.

A fraud complaint was lodged by Laxmi Nagar resident Mahendra Singh Bharadwaj, 50. Bharadwaj claimed that he had came into contatct with Cheda in a business meeting where he lured him of providing high profit within 20 months of investment.

Cheda claimed to be owner of Young and Group company in Mumbai. He even opened a branch of his office at Bajaj Nagar.

Bharadwaj spread Cheda’s investment plan to his friend who too, invested high amount. The fraud amount is worth Rs 25.50 lakhs.

Bharadwaj has reported the matter to police a month ago. However, police registered a fraud case after initial investigation.