India: Businessman falls prey to ‘money doubling’ scam, loses Rs20 million

One arrested from Mumbai while four others are on the run


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Published: Sun 30 Apr 2023, 5:00 PM

Last updated: Sun 30 Apr 2023, 5:02 PM

A man has been arrested from Mumbai while his four accomplices are on the run for allegedly cheating a businessman from Maharashtra’s Thane district of Rs20 million under the pretext of doubling the money, police said on Sunday.

The accused persons showed the victim a bogus email and documents in the name of an international bank to gain his trust, an official said.

However, they never paid the promised money and also refused to return Rs20 million, which he gave them to double. The businessman later approached the police, he said.

A case was registered under various sections of the Indian Penal Code and the Information Technology Act.

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