Thane, March 26 Two individuals have been arrested for allegedly defrauding a businessman of lakhs of rupees by promising to arrange a ₹50 crore investment in his company, police said on Thursday.
Vinod Yadav alias Baba Yadav and Dilip Mamtora, along with another individual, allegedly provided a fake "Angadiya" (courier) receipt and SWIFT documents for USD 28 lakh to the complainant to gain his trust, and took ₹34.20 lakh from him between August 2025 and March 2026.
However, the complainant received no funds in his accounts.
A case was registered at Kashigaon police station in Bhayander under the Bharatiya Nyaya Sanhita (BNS) for cheating, forgery, and criminal conspiracy, and Yadav and Mamtora were arrested on Tuesday, officials said.
Police have recovered ₹34.20 lakh from the accused, said Assistant Commissioner of Police (Crime) Madan Ballal.
"Preliminary investigation has revealed that the accused have defrauded several other individuals using a similar modus operandi," he added.
Further investigation is underway, officials said.