The Mumbai Police Crime Branch has arrested three persons for allegedly duping a man of Rs 1.54 crore through what is known as 'copper iridium' or 'rice puller' scam, an official said on Wednesday.
The accused were identified as Yogendra Hansraj Prajapati (58), Sayyad Babul Kabir Raizada (51) and Pragnesh Jayantbhai Dawda alias Thakkar (41).
They were booked under IPC section 420 (cheating).
The accused lured victims into investing in machines that tested the quality of copper iridium which supposedly attracts rice grains and has some extraordinary properties.
The accused told potential investors that copper- iridium is highly in demand from government for top-secret projects. They also showed forged documents which stated that the Defence Research and Development Organisation (DRDO) had certified their company to deal in this material.
Similar scams have come to light in various parts of the country.
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