A 58-year-old Thane-based architect was allegedly cheated of Rs8 crore by a Dubai-based businessman, Harish Chainani.
According to the Naupada police, the case was lodged on July 20 and the incident occurred between April 2022 and March 2023. The complainant’s friend, Moinuddin, introduced him to Chainani, who deals with expensive watches and is settled in Dubai.
Chainani claimed his company was registered with the registrar of companies in Delhi and had its main office in Mumbai, with his father and brother serving as directors.
Chainani persuaded the complainant to invest in his business, promising a 12% annual return. The complainant handed over Rs4 crore in cash and 13 watches, including a Rolex, to Chainani’s employees in Mumbai between April 2022 and February 2023. Chainani assured the complainant that he would pay interest and return the watches soon.
However, Chainani failed to do so, switched off his phone, and disappeared. Realising he had been cheated, the complainant approached the police.
