Chemical Factory Owner Duped in High-Stakes Investment Scam

A chemical factory owner from Telangana was allegedly defrauded of Rs 3 crore by a Mumbai-based entrepreneur, Rakamant Pilani. The owner was lured into investing in a scheme promising 20% returns in 15 days. A case of fraud has been registered, but Pilani has not been arrested yet.

In a shocking case of financial fraud, a chemical factory owner from Telangana has reportedly been cheated of Rs 3 crore. The accused, Rakamant Pilani, a Mumbai-based entrepreneur, lured his industrial acquaintance with a promise of 20% returns in just 15 days.

The two businessmen had known each other for seven years, conducting financial dealings in the past where money was exchanged and repaid through various means. This history of transactions likely influenced the owner's decision to invest in the scheme.

After the promised return and commission failed to materialize, and with Pilani evading calls, the deceived owner lodged a complaint with the MIDC police station. Authorities have registered a case under fraud charges, although Pilani remains at large.

(With inputs from agencies.)