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Four persons from Mira Road here were booked for allegedly duping four merchants from Mumbai to the tune of Rs 1.75 crore under the pretext of getting them good business in Dubai, police said today.
The four accused had wooed the victims by stating they will make good profit if they invested in rice business in Dubai, said Assistant Police Inspector B T Mote of Economic Offences Wing of Thane District Police.
Between July 2015 and January 2016 the accused collected, by way of cash and cheque, a sum of Rs 1.75 crore from the four merchants, but failed to get them any business deals, he said.
They changed their places of residence and also did not return the money taken from the traders, who subsequently lodged a police complaint, Mote said.
Police gave names of the accused as Gulam Makbul Munshi, Dawood Makbul Munshi, Tahasin Gulam Munshi and Nilofer Dawood Munshi.
No arrest has been made so far, police said, adding investigations were on in the case.