Mumbai, Jan 29 (PTI) A chemical factory owner from Telangana was allegedly duped of Rs 3 crore by his Mumbai-based entrepreneur friend who lured him to invest in a scheme promising 20 per cent returns in 15 days, police said on Wednesday.

Police have registered a case under charges of fraud against Rakamant Pilani on a complaint lodged by the businessman, who owns a chemical factory in Telangana.

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The businessman and Pilani, who worked as CEO of a private firm, became acquainted with each other seven years ago.

"They had conducted financial dealings in the past. The businessman had lent money to Pilani on certain occasions, which the latter repaid either in cash or through chemical consignments," a police official said.

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The official said Pilani allegedly made the businessman invest Rs 3 crore in a scheme in a chemical company promising a 20 per cent return in 15 days, he added.

"According to the complainant, Pilani neither returned the money nor paid the promised commission. He stopped attending phone calls made by the businessman, prompting the latter to approach MIDC police station and lodge a complaint," the official said.

Pilani has been booked on charges of cheating. He has not been arrested yet, the official added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)