Around 12 persons were allegedly cheated to the tune of Rs 2.33 crore by a scrap handling firm in the district, police said today.
According to police, promoters of SS Scrap had approached a building material supplier promising huge returns on his investment, said Virar police station inspector Sunil Mane.
Convinced by the 'business model', the supplier and ten others collectively invested Rs 2.33 crore in the firm, but never got any returns, he said.
The officer said a complaint was registered last night against accused for cheating under IPC, but no arrest is made yet.
Police declined to reveal identity of the complainant and the accused.
