Mumbai, Apr 24 (PTI) A man was booked for allegedly cheating a businesswoman and her four friends of more than Rs 95 lakh after promising them high returns on investment, a Mumbai police official said on Thursday.

Prajwal Pramit Shah was booked on Wednesday, the Gamdevi police station official said.

“The complainant came in contact with Shah in 2018. To gain her trust, Shah initially borrowed sums of Rs 10,000, Rs 25,000 and Rs 1.10 lakh, which he returned on time. Later, he introduced her to a stock market investment scheme claiming it would yield substantial profits. The complainant involved her four friends and they invested Rs 91 lakh between 2019 and 2021,” he said.

“Shah eventually stopped providing returns on the investments. When the victims demanded their money back, Shah started making excuses and also took an additional Rs 30 lakh claiming his mother was suffering from cancer. The cheques of Rs 98 lakh and Rs 32 lakh he issued bounced,” he said.

While Rs 14.8 lakh has been returned to the complainant, a sum of Rs 96.2 lakh remains unpaid, and a probe into the case is underway, the official added. PTI ZA BNM