Ahmedabad: A 46-year-old businessman from Bodakdev has accused a man from Thane in Maharashtra of siphoning off Rs 1.11 crore by luring him with promises of high returns through new business ventures. The complaint was lodged with the Gujarat University police station on Wednesday.The complainant, who operates multiple businesses including loan services and trading activities from an office near Vijay Crossroads, stated in the FIR that the accused joined one of his companies as a senior executive in June 2024. He was assigned to oversee operations at the firm’s Mumbai branch.Soon after joining, the accused allegedly proposed expanding the company’s portfolio to include trading in food spices and other consumer goods, claiming the venture would generate margins of 7% to 10%. Convinced by the projections, the businessman began transferring funds to vendors recommended by the accused for procuring spice packets and related products.Between May and Dec 2024, multiple bulk payments were made to different parties. In July 2024, the accused allegedly sought Rs 22 lakh from the company, citing an urgent need to repay a home loan and assuring repayment within two months. The amount was transferred to his personal bank account.When the promised consignments failed to arrive despite repeated follow-ups, the complainant initiated an internal review and allegedly discovered that the orders were fictitious and the funds had been diverted for personal use.Police said the total amount involved stood at Rs 1.11 crore. The accused reportedly provided a written assurance to repay the sum and returned only Rs 50,000 in Jan 2025, after which no further payments were made.A case of cheating and criminal breach of trust was registered under the Bharatiya Nyaya Sanhita, and further investigation was underway.
